NTPC, EDF Power Solutions India form joint venture for pumped storage; hydro and renewable energy projects

NEW DELHI: State-run National Thermal Power Corporation Limited has entered into a joint venture with French firm Électricité de France (EDF) Power Solutions India to jointly develop, own and operate pumped storage projects, hydropower projects, other renewable energy ventures, and distribution business.The 50:50 joint venture will take up projects both within India and in neighbouring countries, NTPC said in a statement.The agreement was inked on September 25, in the presence of NTPC chairman Gurdeep Singh and Bernard Fontana, chairman and CEO of EDF SA, France.EDF Power Solutions is a wholly-owned subsidiary of the French electricity major EDF (Électricité de France). Through this strategic tie-up, the two companies aim to set up a responsible and innovative industrial entity focused on developing, building and operating low-carbon power plants, along with flexibility solutions and transmission assets.NTPC and EDF will draw on their respective areas of expertise to offer customised solutions, aimed at driving the decarbonisation and overall performance of electrical systems. This aligns with India's ambitious target of achieving 100 GW of installed pumped storage capacity by 2036.Given their combined expertise and resources, both companies are expected to make a significant contribution to India's renewable energy sector, furthering innovation and environmental sustainability.You use AI every day. Now get your AI Quotient. Take the AIQ test.