Project Update

RNS Number : 9792K

OPG Power Ventures plc

01 July 2014

 



1^st July 2014

OPG Power Ventures plc

("OPG" or the "Company")

Successful completion of hydraulic testing at Chennai IV - both projects on track

OPG (AIM: OPG), the developer and operator of power plants in India, provides the following update with respect to its development projects.

180 MW Chennai IV: Milestone achieved - hydraulic testing completed

The Company has successfully completed and had certified the milestone activity of hydraulic testing of the boiler at the 180 MW Chennai IV plant.  This now means that the turbine, generator and instrumentation that are already on site can be interconnected and the unit insulated, an activity that typically takes four months, upon which we expect to commence commissioning trials.  Transmission infrastructure for this project is already in place.

300 MW (2x150 MW) Gujarat -Construction activities near completion

The milestone activity of hydraulic testing for both units has previously been completed.  Here, the assembly and installation of both turbines and the generator and instrumentation is significantly advanced too.  The state-owned electricity transmission company is preparing its high voltage transmission infrastructure including transmission lines for evacuation of power from the plant, an activity that the Company is undertaking, in part, on behalf of the state.  

Both projects remain on track for commissioning to commence in the last quarter of calendar year 2014.

About OPG

OPG is operating and developing power projects in India under the group captive model with 270 MW in operation and a further 492 MW under development.  In the year ended 31 March 2014, the Company's revenues were £99 million, EBITDA £31 million and EPS 4.1 pence.

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

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

 

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