OPG Opg Power Ventures Plc

 

TIDMOPG 
 
RNS Number : 2109V 
OPG Power Ventures plc 
29 October 2010 
 

 
                            OPG Power Ventures PLC 
                             ("OPG" or the "Group") 
 
                                Operations Update 
 
OPG Power Ventures PLC, the developer and operator of Group Captive and Merchant 
Power plants in India, is pleased to provide the following update on its 
operations. 
 
Kutch, Gujarat 
 
 Activity at the site of the Group's 2 x 150 MW Kutch development has commenced. 
Civil works are underway and Tata Power Company Limited has advised the Group 
that it has scheduled a programme of work for completion of the plants in the 
first half of 2013. 
 
Chennai, Tamil Nadu 
 
Having completed its stabilization period, the Group's 77 MW plant at 
Gummipoondi, near Chennai, has been operating for the past several weeks at 85 
per cent. plus capacity. The Directors therefore expect the plant to make  an 
appreciable contribution to the Group's results in the current and ensuing 
years. 
 
The Group is also pleased to announce that work has commenced on the 
construction of its second 77 MW plant at the same site. All major equipment has 
been ordered and environmental and other clearances have been received and the 
Directors expect this plant to be completed CY 2012. 
 
The Group's 10 MW waste heat plant continues to operate satisfactorily and the 
Directors remain pleased with its contribution to the Group. 
 
 
Mayavaram, Tamil Nadu 
 
The Group is pleased to report that gas pressure at its 19.4 MW plant has 
reverted to former levels. This has enabled the plant to operate at about 90 per 
cent capacity since the beginning of August and the Directors expect this to be 
the case for the foreseeable future. 
 
Commenting on the recent progress made by OPG, Arvind Gupta, Chief Executive 
Officer stated: "Whilst pleased with the progress made by the Group to date, we 
are now looking beyond the capacity target of 377 MW, indicated at the time of 
our AIM listing, to a possible 1,250 MW to be realized by the year 2015. The 
strong and improving trading outlook in the Indian power sector has encouraged 
us to raise our sights. Speedy and effective implementation of our development 
plans will remain key to OPG and we believe that OPG's solution to India's power 
requirements will ensure that power is provided to our customers at competitive 
rates whilst, at the same time, also providing excellent returns to our 
shareholders". 
 
 
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           |                | 
+---------------------------------------+----------------+ 
 
 
 
Notes to editors: 
 
OPG Power Ventures Plc is a profitable developer and operator of power plants in 
India. India's rapid economic growth has been constrained by power shortages and 
the government has deregulated the industry with a new open market framework 
allowing developers into the market. The Group Captive Power Producers Scheme, 
introduced in 2005, allows companies such as OPG to build new power plants to 
supply electricity directly to groups of customers at mutually agreed prices and 
the Group has substantial capacity expansion plans. 
 
OPG has 3 plants, generating 107 MW, in profitable operation, a further two 
under construction and  one more in the pipeline for medium term development. 
Taking advantage of the new regulatory environment, OPG intends to have over 
400MW in operation by 2012/13. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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