OPG Power Adds Second 77MW module To Chennai Coal Fired Unit

LONDON (Dow Jones)--OPG Power Ventures PLC (OPG.LN), a developer and operator of power plants in India, said Monday it is adding a second 77 Megawatt, or MW, module to its existing 77MW coal fired unit near Chennai, Tamil Nadu, in India. MAIN FACTS: -The Chennai facility had been conceived as a twin module unit as the site earmarked for the existing unit is sufficient for the second module and as certain facilities, such as the chimney, can be shared by both units. -The second 77 MW unit will also be developed by OPG Power Generation Pvt. Ltd as the existing unit with the same vendors being used i.e. BHEL for the turbine generator and Ansaldo for the boilers. -The cost of the project is expected to be GBP55 million to be financed using 75% debt and 25% equity. -The required debt has been secured and is being provided by a consortium of banks; The equity element required for this second module, is expected to be funded from the group's available cash resources. -Construction at site is expected to commence in September with commissioning expected during the third quarter of 2012. -Shares at 0955 GMT up 1.25 pence or 1.9%, at 67 pence, valuing the company at GBP192.3 million. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; tommy.stubbington@dowjones.com (END) Dow Jones Newswires July 12, 2010 05:58 ET (09:58 GMT)