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29 Jul 2013 07:00
29 July 2013
OPG Power Ventures plc
("OPG" or the "Company")
Trading update for the three months ended 30 June 2013
OPG, the developer and operator of power stations in India, is pleased to present the following trading update for the three months ended 30 June 2013.
Operational Highlights
·; 80 MW Chennai III commissioned in June 2013, ahead of schedule, stabilised in 7 days and ramped up to 69% PLF ;
·; 42% increase in operating capacity to 270 MW from 190 MW;
·; Q1 FY14 generation of 363 million units up 7% from Q4 FY13 (Q1 FY13: 123 million units);
·; Agreed sales contract with Tamil Nadu State utility at Rs 5.50/kWh until May 2014 for 140 MW from Chennai I and II; and until September 2013 for a further 74 MW Chennai III ; and
·; Extended coal contract for c.40% of total imported coal requirements.
Project Highlights
·; 160 MW Chennai IV - c. 65% of civil works foundation completed; boiler and chimney construction c.20% complete; project on track for commissioning in H2 calendar year 2014; and
·; 300 MW Gujarat c. 85% civil works and foundation completed and boiler and chimney construction c. 60% completed; project on schedule for commissioning in H2 calendar year 2014.
Particulars | Q1 FY14 Current Quarter | Q4 FY13 Immediately Preceding Quarter | Q1 FY13 Comparable Quarter | % Change Comparable Quarter | FY13 |
Generation (million units) | |||||
Chennai I | 167 | 169 | 123* | 37% | 617* |
Chennai II | 163 | 163 | NA | 315 | |
Chennai III | 33 | NA | NA | ||
Total | 363 | 338 | 123 | 197% | 932 |
PLF (%) | |||||
Chennai I | 99 | 102 | 73 | 92 | |
Chennai II | 97 | 102 | NA | 99 | |
Chennai III | 69 | NA | NA | ||
Average PLF (%) | 95 | 102 | 73 | ||
Tariff (Rs/kWh) | 5.65 | 5.59 | 5.68 | -1% | 5.58 |
* 25 day shutdown taken in June 2012 for planned maintenance and connection of Chennai II to common facilities.
Following on from the Company's trading update on 29 May 2013, provided below is a quantified assessment of the progress of the Company's current and most significant projects. This is based purely on management's experience and not verified by any third party and is presented by reference to each of four key stages in a typical project in development. It is a management estimate at the date of this statement only and does not purport to quantify the risk of any project not commissioning.
Project stage | Financing | Civil Works and Foundations | Chimney and Boiler related construction | Testing and Commissioning |
Chennai IV | 100% | 65% | 20% | - |
Gujarat | 100% | 85% | 60% | - |
About OPG
OPG is operating and developing power projects in India under the group captive model with 270 MW in operations and a further 472 MW under development. In the year ended 31st March 2013, Group revenues were £56m, EBITDA was £17.7m and profit before tax was £10.5m.
For further information, please visit www.opgpower.com or contact:
OPG Power Ventures PLC | +91 (0) 44 429 11 211 |
Arvind Gupta |
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V Narayan Swami Ajay Paliwal |
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Cenkos Securities (Nominated Adviser & Broker) |
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Stephen Keys / Camilla Hume | +44 (0) 20 7397 8900 |
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Tavistock Communications |
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Simon Hudson | +44 (0) 20 7920 3150 |
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