India's National Thermal Power Corporation (NTPC), owned by the government, has signed a memorandum of understanding with the Asian Development Bank (ADB) to establish a joint venture to develop 500 MW of renewable power over the next three years. Initially it will concentrate on wind power and mini and micro hydroelectric power projects. NTPC and other government entities will hold up to 50% in the joint venture with other strategic investors holding the rest. ADB is expected to acquire 20% at a later stage.
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