National Thermal Power Corporation, NTPC Limited on Wednesday entered a pact with the Asian Development Bank and Kyuden International Corporation to launch a Joint Venture to develop renewable energy projects. The projects will have a total capacity of 500 MW across India over the next three years. Under the Joint Venture Agreement, NTPC and its partners will set up a company to develop wind power and small hydro- electric power projects. According to an official release, NTPC will be the leader of the Venture with a 50 per cent stake, while the ADB and Kyuden International will contribute 25 per cent each towards the equity share capital of the company. The release said, NTPC has set a target for developing at least 1,000 MW of renewable energy capacity based on solar, wind, geo-thermal and small hydro sources. The company's board has already approved a proposal to establish 301 MW of solar power generation capacity.