MoU with Government of Gujarat 5,400 MW capacity (5888Z)
January 17 2011 - 7:30AM
UK Regulatory
TIDMOPG
RNS Number : 5888Z
OPG Power Ventures plc
17 January 2011
OPG Power Ventures plc
("OPG" or the "Company")
Memorandum of Understanding with Government of Gujarat for 5,400
MW capacity
OPG, the developer and operator of group captive cum merchant
power plants in India, is pleased to announce that it has entered
into a Memorandum of Understanding ("MoU") with the Government of
Gujarat, one of India's most industrialised states, for the
development of 5,400 MW generation capacity of which 1400 MW is to
be gas based. Under the MoU, the Government of Gujarat is to
facilitate approvals for the component projects in accordance with
applicable rules and policies. Management will now progress its
plans to implement the MoU and details of individual projects to be
developed shall be announced in due course. In addition to projects
foreseen under the MoU the Company currently has projects with an
aggregate capacity of 644 MW under operation or development with
projects under development (537 MW) to be commissioned in the year
2013. This will bring OPG's total project capacity to over 6000 MW
throughout India of which 644 MW is already in generation or under
development. Group CEO, Mr Arvind Gupta commented, "This is a
significant step towards delivering on our commitment to become the
provider of choice of uninterrupted power to industrial customers
in India. In granting us this opportunity, the Government of
Gujarat has taken note of our team, its project execution
capabilities and our ability to deliver low cost uninterrupted
power to industry under our group captive model. We intend to make
the most of the support the state has offered as it provides the
potential to transform the scale of the group through making a much
larger contribution in addressing the power imbalances in the
country."
For further information, please visit www.opgpower.org/ or
contact:
OPG Power Ventures PLC
+44 (0) 7834 946 871
+91 (0) 98400 96299
Arvind Gupta (Managing Director) +91 (0) 44 429 11 222
+44 (0) 7843 595 394
+91 (0) 99400 17927
V. Narayan Swami (Finance Director) +91 (0) 44 42911214
Martin Gatto (Senior Non Executive Director) +44 (0) 7778 749 223
Cenkos Securities (Nominated Adviser
& Broker) +44 (0) 20 7397 8900
Stephen Keys/ Camilla Hume
Tavistock Communications +44 (0) 20 7920 3150
Simon Hudson / James Midmer +44 (0) 7966 477256
This information is provided by RNS
The company news service from the London Stock Exchange
END
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