In this regard, NHPC has held preliminary discussions with various independent power producers, a senior company official said.
The country's largest hydro power producer is also diversifying into thermal, solar and wind energy projects.
NHPC would be looking to partner with private players to develop green field hydro power projects where construction is yet to start, company's Director (Finance) AB L Srivastava said.
It would be a "win win situation" for the company as well as the private sector if both join hands, he told reporters here last evening.
The plan also comes against the backdrop of many private players finding it difficult to move ahead with hydel projects.
"We have noted that many (hydro) projects which have been allocated to private sector are not making (much) progress," Srivastava said.
Noting that the move would help in expanding business, he said Expression of Interest with detailed guidelines have been floated with regard to proposed partnerships with private entities.
"To begin with, we will take up projects only when promoters of private sector projects are willing to offer majority stake to NHPC," Srivastava said.
However, he said that the planned 51 per cent stake stipulation could be diluted since in certain projects, the respective state government itself would be holding at least 26 per cent stake.
According to him, independent power producers have also suggested amendments to the guidelines.
"After taking into consideration all suggestions, we will come out with the final guidelines shortly... By early December," he said.
As part of diversification, the company would develop a 1,320 MW thermal power project along with Chattisgarh government in that state.
Among other things, the company plans to develop grid connected 50 MW wind and 100 MW solar power projects.
Currently NHPC has an installed power generation capacity of 5,702 MW.