New Delhi  - India's state-run NTPC on Tuesday signed an agreement with four foreign firms to form a joint venture for renewable energy generation, a company statement said.

The joint venture company will focus on wind power and hydro-electric power.

NTPC would hold 40 per cent stake in the joint venture with the rest of the equity shared equally by Asian Development Bank (ADB), GE Energy Financial Services, Japan-based Kysushu Electric Power Company and Brookfield Renewable Power of the United States.

The new company would set up greenfield projects and develop under-utilized units to meet a target of 500 MW of renewable power generation in India over the next three years, the statement said.

The joint venture would also look at overseas investments to facilitate renewable energy at a regional and global level, the statement said. (dpa)