Second 77 MW Unit at Chennai
July 12 2010 - 5:50AM
UK Regulatory
TIDMOPG
RNS Number : 1882P
OPG Power Ventures plc
12 July 2010
OPG Power Ventures Plc
("OPG", the "Company" or the "Group")
Second 77 MW Unit at Chennai
OPG, the developer and operator of power plants in India, is pleased to announce
that it is adding a second 77 MW module to its existing 77MW coal fired unit
near Chennai, Tamil Nadu.
The Chennai facility had been conceived as a twin module unit as the site
earmarked for the existing unit is sufficient for the second module and as
certain facilities, such as the chimney, can be shared by both units.
The second 77 MW unit will also be developed by the same SPV (OPG Power
Generation PVT Ltd) as the existing unit with the same vendors being used i.e.
BHEL for the turbine generator and Ansaldo for the boilers. The cost of the
project is expected to be approximately GBP55 million to be financed using 75
per cent. debt and 25 per cent. equity. The required debt has been secured and
is being provided by a consortium of banks. The equity element required for this
second module, is expected to be funded from the Group's available cash
resources. The equipment contracts have been placed, as previously reported, the
final environmental clearance has been received for this additional unit as well
as a coal linkage granted by the Government of India for the entire coal
requirements of this further module. Construction at site is expected to
commence in September 2010 with commissioning expected during the third quarter
of 2012.
Further announcements in regard to the progress of this project will be issued
be made in due course.
For further information, please visit www.opgpower.com or contact:
+---------------------------------------+----------------+
| OPG Power Ventures Plc | |
+---------------------------------------+----------------+
| Arvind Gupta (Managing Director) | +44 (0) 7814 |
| | 830 893 |
| | +91 (0) 98400 |
| | 96299 |
| | +91 (0) 44 429 |
| | 11 222 |
| | |
+---------------------------------------+----------------+
| V. Narayan Swami (Finance Director) | +91 (0) 99400 |
| | 17927 |
| | +91 (0) 44 |
| | 42911214 |
| | |
+---------------------------------------+----------------+
| Martin Gatto (Senior Non Executive | +44 (0) 7778 |
| Director) | 749 223 |
+---------------------------------------+----------------+
| | |
+---------------------------------------+----------------+
| Cenkos Securities (Nominated Adviser | +44 (0) 20 |
| & Broker) | 7397 8900 |
+---------------------------------------+----------------+
| Stephen Keys/ Camilla Hume | |
+---------------------------------------+----------------+
| | |
+---------------------------------------+----------------+
| Tavistock Communications | +44 (0) 20 |
| | 7920 3150 |
+---------------------------------------+----------------+
| Simon Hudson / James Midmer | |
+---------------------------------------+----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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