Start of Commercial Sales at Chennai IV

RNS Number : 2624Q

OPG Power Ventures plc

16 June 2015

 

16 June 2015

OPG Power Ventures plc

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

180 MW Chennai IV Commences Commercial Operation

OPG (AIM: OPG), the developer and operator of power plants in India, is pleased to announce the commencement of commercial operations at its 180 MW Chennai IV unit.  All units in Tamil Nadu, with an aggregate installed capacity of 450 MW, are now in commercial operation.  In addition, 150 MW is already in commercial operation in Gujarat with a further 150 MW expected to be in commercial operation in around September 2015, once transmission infrastructure is made available by the state.

For the new 180 MW Chennai IV unit, OPG already has an arrangement in place to sell its output to Tamil Nadu Generation and Distribution Company ("TANGEDCO") at Rs 5.50 per Kwh until September 2015.

CEO, Arvind Gupta commented: "This is another feather in the cap of our development team and for the Company as a whole.  We now have an installed capacity of 600 MW generating commercial sales across two locations, with a further 150 MW still to come - this compares with only 270 MW in March 2015.  We have demonstrated our ability to build and deliver two geographically diversified assets of significant size, together with all the supporting logistics, at the same time.  We will continue to ramp up electricity generation from our newly commissioned units over the coming weeks."

The Company will announce its trading update for the quarter ending 30 June 2015 in mid July 2015.

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

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

About OPG

OPG is operating and developing power plants in India under the group captive model with 750 MW in operation and commissioning. In the year ended 31^st March 2015, the Company operated 270 MW of generating assets and based on its preliminary results announced on 2^nd June 2015, the Company generated revenues of £100 million, EBITDA of £33 million and earnings per share of 4.9 pence.  Having recently concluded the construction of 750 MW of power generation assets, there are currently no power plants in the course of construction.

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