Trading Statement

RNS Number : 8487G

OPG Power Ventures plc

09 February 2010

 



OPG Power Ventures Plc

("the Company" or  "OPG")

Trading Update

OPG Power Ventures Plc, the developer and operator of Group Captive power plants in India announces that during the final stages of the previously announced commissioning trials at its 77 MW facility near Chennai, the air pre-heater, a component of the boiler unit, failed. Although the cost of replacing this component will involve no additional cost to the Company it is expected that the date on which the generating unit goes live and feeds power to the grid system will  be extended by a number of weeks.

The Company also announces that it has made a successful bid on a tender from the Tamil Nadu Electricity Board for the supply of approximately 50 MW of power from the 77 MW Chennai plant via the Power Trading Corporation of India. The supply will, subject to commissioning, be fixed at a rate of Rs 5.71 per Kwh until the end of May 2010.  The Company expects final documentation to be entered into shortly.

Further announcements will be made regarding the final commissioning.

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 / Nick Peters/ James Midmer

 

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