OPG Power Ventures agrees new Chennai offtake agreement

Indian power generator OPG Power Ventures has agreed a further agreement to sell its output in Chennai to a local utility company.The AIM-listed developer and operator of power plants has agreed with the Tamil Nadu Generation and Distribution Company (Tangedco) to sell 255 megawatts (MW) at 5.50 rupees per kilowatt hour until 30 Sep 2015.A new 95MW supply agreement for power from OPG's Chennai I & II plants, out of their combined capacity of 154MW is now in place to the end of September 2015 at that price.This is supplemented by an agreement to supply 160MW from the soon to commission 180MW Chennai IV plant, with power to be supplied from the start of commercial operations, which is expected in the first quarter of calendar 2015 until the end of September 2015.A further 74MW is already being supplied to Tangedco under a 15-year long term variable tariff agreement, which is based around the coal supply price.OPG added that it also continued to sell 55MW of power directly to industrial customers at varying prices.