MoU with Government of Gujara

RNS Number : 5888Z

OPG Power Ventures plc

17 January 2011

 



OPG Power Ventures plc

("OPG" or the "Company")

Memorandum of Understanding with Government of Gujarat for 5,400 MW capacity

OPG, the developer and operator of group captive cum merchant power plants in India, is pleased to announce that it has entered into a Memorandum of Understanding ("MoU") with the Government of Gujarat, one of India's most industrialised states, for the development of 5,400 MW generation capacity of which 1400 MW is to be gas based. Under the MoU, the Government of Gujarat is to facilitate approvals for the component projects in accordance with applicable rules and policies. Management will now progress its plans to implement the MoU and details of individual projects to be developed shall be announced in due course. In addition to projects foreseen under the MoU the Company currently has projects with an aggregate capacity of 644 MW under operation or development with projects under development (537 MW) to be commissioned in the year 2013.  This will bring OPG's total project capacity to over 6000 MW throughout India of which 644 MW is already in generation or under development.

Group CEO, Mr Arvind Gupta commented, "This is a significant step towards delivering on our commitment to become the provider of choice of uninterrupted power to industrial customers in India. In granting us this opportunity, the Government of Gujarat has taken note of our team, its project execution capabilities and our ability to deliver low cost uninterrupted power to industry under our group captive model. We intend to make the most of the support the state has offered as it provides the potential to transform the scale of the group through making a much larger contribution in addressing the power imbalances in the country."

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

OPG Power Ventures PLC
Arvind Gupta (Managing Director)	[phone] [phone] [phone]
V. Narayan Swami (Finance Director)	[phone] [phone] [phone]
Martin Gatto (Senior Non Executive Director)	[phone]
Cenkos Securities (Nominated Adviser & Broker)	[phone]
Stephen Keys/ Camilla Hume
Tavistock Communications	[phone]
Simon Hudson / James Midmer	[phone]

 

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