Last checked at 4 May 2010 07:00
OPG Power Ventures PLC
("OPG" or the "Company")
Commissioning of the 77 MW Power Station
near Chennai
OPG Power Ventures PLC, the developer and operator of Group Captive power stations in India, is pleased to announce the commissioning of its 77 MW power station at Gummidipoondi, near Chennai, following the completion of commissioning trials. The plant has been synchronized with the grid and is feeding firm power into the state network.
OPG has a contract with the Power Trading Corporation of India for sale to the Tamil Nadu utility of up to 60 MW of power at a rate of Rs 5.86 per Kwh until the end of May. In addition, the Company has contracts with industry ranging from one to six months, for supply of 12 MW of power at rates of between Rs 6.20 and Rs 7.00 per Kwh. The Directors believe that all of these contracts will be renewed or replaced at the end of their terms.
The management believes the commissioning of OPG's 77 MW unit is timely in that the output from the plant will contribute to mitigating the power shortfalls for industry in the state.
OPG also looks forward to continuing to realize attractive pricing for the output from all three of its operating units in current buoyant conditions.
For further information, please visit www.opgpower.com or contact:
| OPG Power Ventures Plc |
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| Arvind Gupta (Managing Director) | +44 (0) 7814 830 893 +91 (0) 98400 96299 +91 (0) 44 429 11 222
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| V. Narayan Swami (Finance Director) | +91 (0) 99400 17927 +91 (0) 44 42911214
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| Martin Gatto (Senior Non Executive Director) | +44 (0) 7778 749 223 |
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| Cenkos Securities (Nominated Adviser & Broker) | +44 (0) 20 7397 8900 |
| Stephen Keys/ Camilla Hume |
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| Tavistock Communications | +44 (0) 20 7920 3150 |
| Simon Hudson / Nick Peters/ James Midmer |
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Notes to editors:
OPG Power Ventures Plc is a profitable developer and operator of power plants in India. India's rapid economic growth has been constrained by power shortages and the government has deregulated the industry with a new open market framework allowing developers into the market. The Group Captive Power Producers Scheme, introduced in 2005, allows companies such as OPG to build new power plants to supply electricity directly to groups of customers at mutually agreed prices and the Group has substantial capacity expansion plans.
OPG has 3 plants, generating 107 MW, in profitable operation, a further one under construction and two more in the pipeline for medium term development. Taking advantage of the new regulatory environment, OPG intends to have over 400MW in operation by 2012/13.