Second 77 MW Unit at Chennai

RNS Number : 1882P

OPG Power Ventures plc

12 July 2010

 



OPG Power Ventures Plc

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

Second 77 MW Unit at Chennai

OPG, the developer and operator of power plants in India, is pleased to announce that it is adding a second 77 MW module to its existing 77MW coal fired unit near Chennai, Tamil Nadu.

The Chennai facility had been conceived as a twin module unit as the site earmarked for the existing unit is sufficient for the second module and as certain facilities, such as the chimney, can be shared by both units.

The second 77 MW unit will also be developed by the same SPV (OPG Power Generation PVT Ltd) as the existing unit with the same vendors being used i.e. BHEL for the turbine generator and Ansaldo for the boilers. The cost of the project is expected to be approximately £55 million to be financed using 75 per cent. debt and 25 per cent. equity. The required debt has been secured and is being provided by a consortium of banks. The equity element required for this second module, is expected to be funded from the Group's available cash resources. The equipment contracts have been placed, as previously reported, the final environmental clearance has been received for this additional unit as well as a coal linkage granted by the Government of India for the entire coal requirements of this further module. Construction at site is expected to commence in September 2010 with commissioning expected during the third quarter of 2012.

Further announcements in regard to the progress of this project will be issued be made in due course. 

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

OPG Power Ventures Plc
Arvind Gupta (Managing Director)	[phone] [phone] [phone]
V. Narayan Swami (Finance Director)	[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

 

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