Commencement of Works at Gujarat

RNS Number : 7264O

OPG Power Ventures plc

22 September 2011

 



OPG Power Ventures plc

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

Commencement of works at Gujarat

and

Acceleration of Chennai II

OPG Power Ventures (AIM:OPG), the developer, operator and owner of group captive power plants in India, is pleased to announce the acceleration of its 77MW Chennai II project and the commencement of works at its 300MW power project in Gujarat. 

Gujarat Project

The Company has now received formal approval from the Ministry of Environment and Forests ("MoEF") for its proposals in connection with sea water intake and outfall for its 300MW (2 x150) power project in Gujarat. 

As anticipated in the Group's 2011 Annual Report, the approval means the project has now moved into the construction phase and accordingly site works have commenced. Major equipment orders had been placed earlier and OPG has maintained a dialogue with equipment suppliers and contractors with the aim of remaining on course for commissioning by 2013.  A further update, including projected near term milestones, will be provided in due course.

Acceleration of Chennai II

OPG announce an accelerated commissioning date for its 77 MW Chennai II project of Q2, 2012. Commissioning of the project, which has committed fuel supply from Coal India Ltd, will see the Group's aggregate generation capacity increase from 113 MW to 190 MW.      

About OPG

OPG is developing and operating power projects in India under the group captive model.  The Group currently has 113 MW in operation and a further 629 MW fully funded and under development.  In the year ended 31 March 2011, the Group's revenues were £33.15m and profit before tax was £11.16m. Earnings per share were 2.129 pence, representing an increase of 559% over the previous year.

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 / Sonya Williams

Scott Harris	[phone]
Stephen Scott/Harry Dee

 

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