11 June 2013
OPG Power Ventures plc
("OPG" or the "Company")
80 MW Chennai III commissioned & Commercial sales commenced
OPG, the AIM listed developer and operator of power plants provides the following update with respect to its new plant, 80 MW Chennai III.
The Company is pleased to announce the commissioning of its 80 MW Chennai III power plant. The unit is synchronised, fully operational and has commenced commercial sales. OPG has agreed to supply all of the plant's output to the state utility in Tamil Nadu at Rs 5.50 per Kwh until further notice.
The Chennai III power plant has been delivered ahead of schedule and within budget. The Chennai III unit is a replica of the Company's existing 77 MW Chennai I and II plants and OPG is expected to benefit from lower unit costs of production from the shared common infrastructure and operational personnel. Operating capacity at the Chennai site is 234 MW and the Group's total operating capacity has now risen to 270 MW.
A further 472 MW is in advanced construction as set out in our update of 23 May 2013.
Managing Director Arvind Gupta commented: "Delivering Chennai III early is another testament to our in-house development team's capabilities. As a result, our confidence in the delivery of the remainder of our portfolio that is currently under construction is high".
About OPG
OPG is operating and developing power projects in India under the group captive model with 270 MW in operation and a further 472 MW under development. In the year ended 31 March 2013 the Company's estimated revenues were £56 million.
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/Kelsey Traynor |
+44 (0) 20 7920 3150 |
