NTPC Limited, a Maharatna company of India, and EDF India Private Limited, a subsidiary of the French government-owned Électricité de France SA (EDF), have signed a non-binding Term Sheet to collaborate on developing, owning, operating, and maintaining pumped storage and hydro power projects, as well as exploring opportunities in the distribution sector. Their partnership may also include bundling hydro projects with other renewable energy sources.
The agreement was signed on February 23, 2025, at Elecrama 2025 by Mr. Federico D’Amico, CEO of EDF India, and Shri J C Kakoti, GM-Hydro Engineering at NTPC. The signing took place in the presence of key leaders, including Shri Gurdeep Singh, CMD of NTPC, and Mr. Luc Rémont, Chairman & CEO of EDF France. Also present were Shri Pankaj Agarwal, Secretary of the Ministry of Power (Government of India), along with senior officials from both companies, such as Mr. Patrick Charignon, Executive Vice President (APAC) of EDF, Shri Goutam Deb, RED-Hydro of NTPC, and Ms. Sangeeta Kaushik, ED-Corporate Planning at NTPC.
Following this agreement, NTPC and EDF plan to establish a joint venture company (JVC) with equal partnership (50:50), subject to approval from the Government of India. This JVC will develop projects independently or through subsidiaries and joint ventures (Project SPVs) in India and neighboring countries. Leveraging their expertise and resources, NTPC and EDF aim to drive innovation in India’s renewable energy sector, support decarbonization, and enhance the efficiency of electrical systems.
NTPC Ltd. is India’s largest integrated power company, supplying about 25% of the country’s electricity needs. It has a total installed capacity of over 77 GW, with an additional 29.5 GW under construction, including 9.6 GW from renewable sources. The company is committed to reaching 60 GW of renewable energy capacity by 2032 and continues to adopt clean energy technologies to build a sustainable future.
