Damodar Valley Corporation (DVC) announced on Wednesday that it has signed a joint venture (JV) agreement with NTPC Renewable Energy Ltd, a wholly-owned subsidiary of NTPC Limited, for renewable energy projects in its command area.
NTPC Renewable will own 51 percent of the JV company, while DVC will own 49 percent. The JV will build renewable energy parks and projects, including those approved under the Ultra Mega Renewable Energy Power Parks Plan and the CPSU scheme.
According to reports in the media, this JV will work on GW-scale projects.
The JV with NTPC had nothing to do with a memorandum of understanding (MoU) signed by DVC with another state-owned company, Satluj Jal Vidyut Nigam (SJVN) Limited, to harness solar energy in the DVC Command Area, which has a capacity of about 2000 MW.
The Damodar Valley Corporation is an Indian government agency that operates in the Damodar River basin in West Bengal and Jharkhand, India. The corporation operates both thermal and hydel power plants under the Ministry of Power of the Government of India.
NTPC Limited is a statutory corporation in India. It was involved in both power generation and other related operations. It is a statutory corporation owned by the Ministry of Power of the Government of India, which was established under the Companies Act of 1956. New Delhi is home to the company’s headquarters. NTPC’s primary responsibility is to generate and distribute electricity to India’s State Electricity Boards.