NTPC, a state-owned power utility, has signed a non-binding Term Sheet with EDF India to jointly develop, own, operate, and maintain pumped storage projects (PSPs). The partnership extends to hydro projects integrated with other renewable energy installations and potential opportunities in the distribution sector.

EDF India is a subsidiary of Électricité de France, a multinational electric utility owned by the French government. Under the agreement, NTPC and EDF will establish a joint venture company (JVC) with equal ownership, pending necessary approvals from the Government of India. The JVC will independently undertake projects and may also create joint ventures or subsidiaries to execute projects within India and neighbouring countries.

Leveraging their expertise and resources, NTPC and EDF aim to contribute significantly to India’s renewable energy sector. The collaboration is expected to drive innovation, enhance decarbonisation efforts, and improve the overall efficiency of electrical systems.

NTPC, designated as a Maharatna company, is India's largest integrated power utility, supplying approximately one-fourth of the country’s electricity needs. The company has an installed capacity of over 77 gigawatts (GW), with an additional 29.5 GW under construction, including 9.6 GW of renewable energy capacity. It has set a target of achieving 60 GW of renewable energy capacity by 2032. With a diversified portfolio spanning thermal, hydro, solar, and wind power, NTPC remains committed to ensuring reliable, affordable, and sustainable electricity for India’s growing energy demands.

News source: Businessline