New Delhi [India], October 15 : State-owned NTPC Limited has signed an agreement with Africa50, an African infrastructure investment organisation, to jointly develop power projects and explore cross-border electricity trading opportunities across Africa, expanding its efforts to tap international power markets.
According to a joint press release issued on Thursday, the partnership aims to identify commercially viable projects, attract investment and improve electricity supply for households and businesses across African countries.
NTPC Chairman and Managing Director Gurdeep Singh said, "We look forward to working with Africa50 to develop commercially viable power projects in mutually agreed countries in Africa."
"Combining NTPC’s technical and operational experience with Africa50’s project development capabilities and relationships across the continent creates a strong foundation for supporting reliable power supply and regional electricity trade," he added.
Under the agreement, NTPC will provide technical, engineering and operational expertise to assess projects and support their development, while Africa50 will identify investment opportunities, work with governments and regulators, and help secure financing.
The partnership could open new opportunities for NTPC in African power markets while supporting efforts to strengthen electricity infrastructure and regional power trade across the continent.
Africa50 Group Chief Executive Officer Alain Ebobisse said, "Reliable and competitively priced power is central to Africa’s industrial and economic transformation."
"This partnership combines Africa50’s ability to develop, de-risk and deliver investable projects with NTPC’s proven technical expertise to translate public ambition into private investment in power generation," he added.
However, the agreement does not specify any investment amount, project capacity or implementation timeline.
NTPC, India's largest integrated power company, has an installed capacity of over 91.5 GW and aims to increase it to 149 GW by 2032, including 60 GW of renewable energy.
Africa50 is an infrastructure investment organisation that develops and finances projects across the energy, transport and digital sectors in Africa.