The Asian Development Bank and two power companies in India and Japan have signed an agreement to develop and operate a series of renewable energy projects in India over the next three years.
ADB will invest USD40 million for a 25 percent stake in the joint venture while India’s NTPC will own 50 percent, with Japan’s Kyushu Electric Power holding the remaining 25 percent. The joint venture will be designed to generate up to 500 megawatts of renewable energy. It is expected to help India reach its goal of reducing its dependence on fossil fuels and improve its energy security. The joint venture will also help reduce the country’s green house gas emissions.