NTPC Joint Venture Seeks Developers for Renewable Energy Projects

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Researched by Industrial Info Resources India (Delhi, India)--NTPC Limited (BSE:532555) (New Delhi, India), India's state-owned power enterprise, is scouting for developers to set up and acquire renewable energy projects in India. Pan-Asian Renewables Private Limited (New Delhi), a joint venture that was floated to develop and acquire renewable energy generation projects in India, has invited expressions of interest from developers and owners of wind and solar energy projects to build and own individual windfarms and solar power units.

Pan-Asian Renewables Private Limited is a joint venture of NTPC, the Asian Development Bank and Kyuden International Corporation, a wholly owned subsidiary of Kyushu Electric Power Company (Japan). NTPC, ADB and Kyushu own stakes of 50%, 25% and 25% in equity share capital, respectively.

As per the pre-conditions laid down by NTPC to set up the greenfield projects, the prospective bidder should have proven experience in the developing and commissioning of a minimum of 5 MW of solar or wind energy projects in India in the last three years.

For individual operational plants, the capacities should be at least 5 MW for solar power plants and 25 MW for windfarms. According to NTPC, the greenfield wind or solar energy-based projects should be able to achieve commissioning within eight to 12 months from the date of submission of expressions of interest, while the operational projects should be free from any encumbrance to be offered to the owner after the selection process.

Additionally, in terms of financial standards, the average annual turnover of the bidder in the preceding three financial years should not be less than $41 million, and net worth should be positive for the last year. The average net worth of the bidder in last three years should not be less than $20.5 million. The last date of submission of response for this package is March 14, 2013.

Established in October 2012, Pan-Asian Renewables aims to develop 500 MW of renewable power generation resources in India over three years.

"The joint venture will hire a qualified independent engineering consultant to assist in the preparation of detailed project reports and project investment opportunities," said the NTPC in a statement. "The selection of potential sites will be based on wind mapping to a resolution of 1 square kilometer, where pockets of greater than 200 watts per square meter are microscale-mapped on a grid 200 meters by 200 meters."

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