State-run power utility NTPC Limited, a Maharatna company, and EDF Power Solutions India Private Limited, a wholly owned arm of French power company EDF, have entered into a 50:50 joint venture agreement to develop and operate low-carbon energy infrastructure jointly. According to a company release, the partnership will focus on the development, ownership and operation of pumped storage projects, hydroelectric installations, other renewable energy facilities and electricity distribution operations. The agreement was formally signed on September 25 in the presence of Gurdeep Singh, Chairman and Managing Director of NTPC Limited, and Bernard Fontana, Chairman and Chief Executive Officer of EDF SA, France. As per Livemint, the newly created entity holds a mandate to execute power projects within domestic borders and across neighbouring nations.
The strategic partnership will align its project pipeline with India's long-term energy transition targets, including the government's goal of reaching 100 gigawatts of installed pumped storage capacity by 2036. As reported by the companies, both entities intend to combine their technical and operational resources to provide tailormade offers, drive the decarbonization and global performance of electrical systems. The partnership aims to establish a joint industrial enterprise focused on green transition assets, with both companies committed to building a responsible and innovative industrial company to develop, build and operate low carbon powerplants as well as flexibility solutions and transmission assets. The companies stated that their combined resources will support regular additions to renewable capacity, with both firms prepared to contribute significantly to India's renewable energy market, driving innovation and fostering environmental stewardship.
Under the terms of the agreement, the partnership aims to establish a joint industrial enterprise focused on green transition assets. According to the release, both companies remain committed to building a responsible and innovative industrial company to develop, build and operate low carbon powerplants as well as flexibility solutions and transmission assets. The official statement highlighted that both firms are committed to establishing a responsible and innovative industrial company through this strategic partnership. The newly created entity will undertake power projects in India as well as neighbouring countries, positioning the partnership for regional expansion in low-carbon energy infrastructure development. As per Livemint, both power operators expect their collaborative resources to supply regular renewable capacity additions.
