Chennai Sales Contract

RNS Number : 3060U

OPG Power Ventures plc

15 October 2014

 



15 October 2014

OPG Power Ventures plc

("OPG", the "Group" or the "Company")

New 255 MW agreement with Tamil Nadu State Utility at Rs 5.50 per kWh until 30 Sep 2015

OPG Power Ventures, the developer and operator of group captive power generation plants in India, announces the following update.

The Company has entered into an agreement with Tamil Nadu Generation and Distribution Company ("TANGEDCO") to supply an aggregate of 95 MW from Chennai I and II at Rs 5.50 per kWh until 30 September 2015.  In addition, 160 MW is to be supplied to TANGEDCO from Chennai IV until 30 September 2015 at the aforementioned price from the date of commencement of commercial operations at the unit.  Commissioning at Chennai IV is expected to start in December 2014 with commercial operations expected to commence during Q1 2015.  Furthermore, 74 MW is already being supplied to TANGEDCO under the 15 year Long Term Variable Tariff agreement entered into earlier this year. 

In addition to the above, the Company continues to supply 55 MW directly to certain industrial customers at varying prices under short term contracts. 

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures	[phone]
Arvind Gupta
V Narayan Swami Ajay Paliwal
Cenkos Securities (Nominated Adviser & Broker)
Stephen Keys / Mark Connelly / Callum Davidson	[phone]
Tavistock Communications
Simon Hudson / James Collins	[phone]

About OPG

OPG is operating and developing power projects in India under the group captive model with 270 MW in operation and a further 480 MW under development.  In the year ended 31 March 2014, the Company generated revenues of £99 million, EBITDA of £31 million and earnings per share of 4.1 pence.

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