Last checked at 14 Oct 2011 07:00
14 October 2011
OPG Power Ventures plc
("OPG", "the Group" or the "Company")
TNEB power sales tariff for the period October 2011 - May 2012
OPG Power Ventures (AIM:OPG), the developer, operator and owner of power plants in India provides the following update on the status of its sales tariff discussions with Tamil Nadu Electricity Board ("TNEB").
The Tamil Nadu Electricity Regulatory Commission has issued an order directing TNEB to establish a tariff of Indian Rupees 5.05 per KWh for sale by the Company of 53 MW power to TNEB in the period October 2011 to May 2012. Management are now in the process of finalising the power sales contract with TNEB as the rate established by the order is in line with management's expectations of the tender process in respect of that period. Accordingly the Company continues to look forward to the rest of the year with confidence.
About OPG
OPG is developing and operating power projects in India under the group captive model. The Group currently has 113 MW in operation and a further 629 MW fully funded and under development. In the year ended 31 March 2011, the Group's revenues were £33.15m and profit before tax was £11.16m. Earnings per share were 2.129 pence, representing an increase of 559% over the previous year.
For further information, please visit www.opgpower.com or contact:
OPG Power Ventures plc +91 (0) 44 429 11 222
Arvind Gupta (Managing Director)
V. Narayan Swami (Finance Director)
Cenkos Securities (Nominated Adviser & Broker) +44 (0) 20 7397 8900
Stephen Keys/ Camilla Hume
Tavistock Communications +44 (0) 20 7920 3150
Simon Hudson / Sonya Williams
Scott Harris +44 (0) 20 7653 0030
Stephen Scott/Harry Dee