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NEW DELHI: State-run NTPC Ltd, Asian Development Bank (ADB), GE Energy Financial Services, Kyushu Electric Power Co and Brookfield Renewable Power will form a joint venture company to undertake renewable power generation, an official statement said on Tu esday.

The companies on Tuesday signed a Memorandum of Understanding (MoU) to form a joint venture company for generating renewable power. NTPC would hold a 40 per cent stake in the company while the remaining would be equally shared by other entities. The joi nt venture company would develop greenfield and under-utilised potential sites to establish 500 MW of renewable power generation sources in the country.

The company would seek to develop projects in the country and may consider investing abroad in the near future. Initially, the company would concentrate on wind power, mini and micro-hydro electric power. The Chairman of the joint venture entity would b e nominated by NTPC. - PTI

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