State-owned NPTC and EDF India, an arm of French firm Electricite de France, have joined hands to set up pumped hydro storage and hydro projects bundled with renewable energy, and explore opportunities in the distribution business.
NTPC and EDF India have signed a non-binding term sheet to develop, own, operate and maintain pumped storage projects and any other hydro-power projects, a statement said.
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Under the agreement signed by the two entities on Sunday, NTPC and EDF propose to form a JVC with a 50:50 partnership after requisite approval from the Government of India.
This JV company will undertake such projects on its own or may create JV and subsidiaries for undertaking such projects within India and neighbouring countries, the statement said.
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NTPC Ltd is India’s largest integrated power utility, contributing one-fourth of India’s power requirements and has an installed capacity of over 77 GW. EDF India is owned by Électricité de France SA, a French multinational electric utility company owned by the Government of France