NTPC Limited and EDF India Private Limited have signed a non-binding term sheet to collaborate on the development of pumped storage projects (PSPs) and hydro projects integrated with other renewable energy initiatives. Additionally, the partnership will explore opportunities in the power distribution sector. Moreover, the two companies also plan to establish a joint venture (JV) with equal ownership, subject to approval from the government of India. The JV will be responsible for executing hydro and PSPs in India and neighbouring countries, with the flexibility to form subsidiaries or additional joint ventures for project implementation.
Earlier this month, ONGC NTPC Green Limited, a joint venture between ONGC Green and NTPC Green Energy Limited, signed a share purchase agreement to acquire a 100 per cent equity stake in Ayana Renewable Power for Rs 195 billion from the National Investment and Infrastructure Fund, British International Investment and its subsidiaries, and Eversource Capital, with NIIF as the majority shareholder in Ayana.
