Trading Statement & Results Date-Replacement

RNS Number : 6876K

OPG Power Ventures plc

20 July 2011

 



OPG Power Ventures plc

("OPG" or the "Company")

This announcement replaces RNS Number: 6695K released 15:24 on 19 July 2011.  Contact details have now been added.  The full amended text appears below.

 Additional 80 MW expansion at Chennai & Efficiencies through combining Chennai III and IV

Additional 80 MW Expansion at Chennai

OPG Power Ventures is pleased to announce the addition of a further 80 MW unit to its wholly owned Chennai plant, taking projected group generation capacity up from the current 113 MW to 742 MW by 2013.  The additional unit is expected to be commissioned in 2013 and will be situated in Gummidipoondi adjacent to the existing plant.   No additional land is required for the expansion. Environmental clearance for the development has been obtained and major items of equipment have been ordered.   The estimated capital cost of the project is expected to be £ 62 million. The equity component of the required capital expenditure for the project will be financed from the group's existing capital and internal resources.     

The additional unit is designed to be a close replica of Chennai I, the Company's first 77 MW plant at Gummidipoondi which is operating satisfactorily, having achieved average load factors of 88% in the first six months of 2011 consuming both domestic and imported coals during the period.  The additional unit, like all of the Company's other projects, is also designed to retain such fuel flexibility, a feature that the Board believes distinguishes the Company's coastal plants from many other inland generators.   

Combining Chennai III and IV

The Company is pleased to announce that the Phases III and IV projects in Chennai (conceived as separate modules of 80 MW each) will now  be developed as an upgraded single unit of 160 MW.  OPG's technical team has determined that this is expected to result in savings in coal consumption of around 11% as a result of better equipment efficiency for a 160 MW unit.   At the same time, the reduced footprint of a 160 MW unit makes available space for the aforementioned expansion.  The construction of this 160 MW plant will start shortly and the targeted commissioning date remains 2013.  The Company has obtained the required environmental clearance and major items of equipment are under order.

Henceforth, the term Phase III will refer to the 160 MW unit being developed at the site and the term Phase IV to the further 80 MW unit referred to in the first paragraph of this announcement. The terms Phase I and Phase II will relate, as hitherto, to, respectively, the 77 MW unit now operational and to the second 77 MW unit, now under construction.

Results announcement date

OPG's results for the year ended 31 March 2011 will be announced on 15 August 2011.

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

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

 

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