New Delhi [India], September 26 (ANI): State-run power utility NTPC Limited and EDF Power Solutions India Private Limited, a wholly owned arm of French power firm EDF, entered into a 50:50 joint venture pact to jointly build and operate low-carbon energy infrastructure.

According to a release, the agreement focuses on the development, ownership, and operation of pumped storage assets, hydroelectric installations, other renewable energy facilities, and electricity distribution operations. The newly created entity holds a mandate to execute power projects within domestic borders and across neighbouring nations.

The pact was formally executed 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.

Under the terms detailed in the release, the corporate partnership aims to build a joint industrial enterprise dedicated to green transition assets. The official statement highlighted that both firms remain committed to establishing a responsible and innovative industrial company.

"Through this strategic partnership, NTPC and EDF Power Solutions are committed to establish a responsible and innovative industrial company to develop, build and operate low carbon powerplants as well as flexibility solutions and transmission assets," the release said. 

The strategic partnership aligns its project pipeline with the nation's long-term energy transition targets, specifically supporting the government target of reaching 100 gigawatts of installed pumped storage capacity by the year 2036.

The companies confirmed that they intend to combine their technical and operational resources, stating that the entities will work 'to provide tailormade offers, drive the decarbonization and global performance of electrical systems.'

The release noted that both power operators expect their collaborative resources to supply regular renewable capacity additions, stating that both firms stand prepared 'to contribute significantly to India's renewable energy market, driving innovation and fostering environmental stewardship.' (ANI)