Last checked at 7 Jun 2010 08:04
7 June 2010
KSK Power Ventur plc ("KSKPV" or "the Company") Indian subsidiary Announcement with respect to Power Purchase Agreement ("PPA")
KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants across India, is pleased to announce that its subsidiary, KSK Energy Ventures Limited ("KSKEV"), the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE"), has filed with the NSE and BSE today an announcement with respect to Power Purchase Agreement ("PPA") from the 3600 MW KSK Mahanadi Power Project as extracted below:
"KSK Energy Ventures Limited ("KSKEV") is pleased to announce the signing of Power Purchase Agreement ("PPA") from its power plant at Nariyara, Chhattisgarh. The PPA has been executed with Gujarat Urja Vikas Nigam Limited ("GUVNL") for long term supply of 1010 MW of power based on dedicated coal supplies from Gujarat Mineral Development Corporation ("GMDC") and its coal blocks.
KSK considers this development a significant milestone in view of this being the largest utility PPA of the Group till date. The PPA reinforces and validates the strong collaborative partnership KSK has been seeking to develop and sustain through competitive power supplies.
The PPA establishes the benefits of a successful public-private partnership model emerging with the lowest tariff among the 10 qualified bidders selected by GUVNL through a competitive bid process.
KSK acknowledges that this pioneering initiative of the Government of Gujarat initiative has resulted in a win-win situation - the State benefiting from competitive tariff while KSK received competitively priced dedicated fuel for the project.
The Company recognizes that this milestone has been made achievable only with the active support the Government of India as well as the Government of Gujarat and its associated entities, namely GMDC and GUVNL. The company looks forward to their continual support in the execution and operation of the power project."
For further information please contact:
KSK Power Ventur plc +91 40 2355 9922
Mr. S. Kishore, Executive Director
Mr. K. A. Sastry, Executive Director
Arden Partners plc +44 (0)20 7614 5900
Richard Day / Adrian Trimmings
Financial Dynamics +44(0)20 7269 7157
Jonathan Brill / Billy Clegg / Ed Westropp