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9 Feb 2010 07:00
OPG Power Ventures Plc
("the Company" or "OPG")
Trading Update
OPG Power Ventures Plc, the developer and operator of Group Captive power plants in India announces that during the final stages of the previously announced commissioning trials at its 77 MW facility near Chennai, the air pre-heater, a component of the boiler unit, failed. Although the cost of replacing this component will involve no additional cost to the Company it is expected that the date on which the generating unit goes live and feeds power to the grid system will be extended by a number of weeks.
The Company also announces that it has made a successful bid on a tender from the Tamil Nadu Electricity Board for the supply of approximately 50 MW of power from the 77 MW Chennai plant via the Power Trading Corporation of India. The supply will, subject to commissioning, be fixed at a rate of Rs 5.71 per Kwh until the end of May 2010. The Company expects final documentation to be entered into shortly.
Further announcements will be made regarding the final commissioning.
For further information, please visit www.opgpower.com or contact:
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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 |
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Stephen Keys/ Camilla Hume |
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Tavistock Communications |
+44 (0) 20 7920 3150 |
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Simon Hudson / Nick Peters/ James Midmer |
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