Successful Commissioning of Chennai II 77 MW Plant

RNS Number : 4567M

OPG Power Ventures plc

18 September 2012

 



OPG Power Ventures PLC (the "Company")

Successful Commissioning of Chennai II 77 MW Plant

OPG Power Ventures is pleased to announce the successful commissioning of its 77 MW Chennai II power project. The unit is now connected to the grid and the Company anticipates a normal ramp up to achieve a plant load factor of 85 per cent.. The Company has agreed to supply almost all of the plant's output to the state utility in Tamil Nadu until May 2013 at a rate of Rs 5.50 per Kwh.

The new unit has been delivered on schedule and within budget, despite the increase in interest rates during the construction period.  As this new unit is a twin of the Chennai I 77 MW unit, it shares some common infrastructure and operational personnel with the latter.  The unit already has a coal linkage and, in addition, orders have been placed for imported coal from the Company's existing suppliers.

With the commissioning of this plant, the Group's total operating capacity at the Chennai site is 154 MW (two plants, each of 77 MW capacity) and, together with other operating units, the total operating capacity is presently 190 MW. A further 240 MW of capacity, consisting of one 80 MW unit and a further unit of 160 MW capacity, is under active construction at this Chennai site.

Managing Director Arvind Gupta commented: "This successful commissioning of a further 77 MW   unit on time and within budget is a re-affirmation and reinforcement of OPG's in-house project construction capabilities and the project team are to be complimented for their dedication and achievement. We believe such initiatives enhance value for our shareholders and, accordingly, now apply ourselves to the continuing task of bringing on stream the further plants now under development".

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

OPG Power Ventures plc	[phone]
Arvind Gupta (Managing Director)
V. Narayan Swami (Finance Director)
Cenkos Securities (Nominated Adviser & Broker)	[phone]
Stephen Keys/ Camilla Hume
Tavistock Communications	[phone]
Simon Hudson
Kelsey Traynor

 

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