Adani Power signs agreement with AES for OPGC stake

Source :IANS
Author :IANS
Last Updated: Wed, Jun 24th, 2020, 09:41:34hrs
Gautam Adani

Bhubaneswar: Adani Power Ltd (APL) has signed a definitive agreement to acquire 49 per cent stake in the Odisha Power Generation Corporation (OPGC) from the affiliates of US-based global energy company, the AES Corporation (AES), a statement said on Tuesday.

The Odisha government holds the balance 51 per cent stake in OPGC.

The OPGC operates 1,740 MW capacity thermal power plant at Banharpalli in Odisha's Jharsuguda district. Supercritical capacity of 1,320 MW with low carbon footprint was recently commissioned at the plant , which is the mainstay of Odisha for base load power supply and amongst the lowest cost power generator in the state.

The plant has a long-term power purchase agreement valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine, it said.

The acquisition also marks APL's foray into Odisha, and it demonstrates the Adani Group's long-term commitment to develop and operate high quality infrastructure in the state, it added.

Adani Group is committed for successful and mutually beneficial long-term partnership with Government of Odisha and the people of this progressive state, the statement said.

AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India.

The transaction is subject to customary regulatory approvals including compliance with applicable requirements in relation to the Odisha government and the receipt of regulatory approvals such as the Competition Commission of India and the Reserve Bank of India.