India’s NTPC Ltd. has signed a non-binding agreement with French state-owned utility Electricite de France SA to jointly develop nuclear power projects in the South Asian country, in an effort to expand its clean energy portfolio through global partnerships.
The companies will explore various cooperation opportunities including technology transfer and economic frameworks for large scale deployment, the New Delhi-based utility said in a statement on Wednesday.
India’s biggest power producer plans to set up 30 gigawatts of nuclear capacity by 2047, as part of a national ambition to reach 100 gigawatts by the same date. It has been scoping at least 30 locations across the country where it could build new projects. The company doesn’t currently have any nuclear installations in its portfolio of 89 gigawatts, comprising largely of coal-fired plants.
EDF had signed an initial deal with Nuclear Power Corp of India Ltd. earlier, for the construction of six reactors at Jaitapur, a small town on India’s western coast. Progress was stifled by investors’ hesitancy over India’s liability regulations, which exposed suppliers to unlimited claims in case of any accident.
The mood has since shifted after the government last year passed a new nuclear law to assuage suppliers’ concerns over India’s liability regime.
Source: Bloomberg