Trading Statement & Results Date-Replacement (6876K)
July 20 2011 - 2:00AM
UK Regulatory
TIDMOPG
RNS Number : 6876K
OPG Power Ventures plc
20 July 2011
OPG Power Ventures plc
("OPG" or the "Company")
This announcement replaces RNS Number: 6695K released 15:24 on
19 July 2011. Contact details have now been added. The full amended
text appears below.
Additional 80 MW expansion at Chennai & Efficiencies through
combining Chennai III and IV
Additional 80 MW Expansion at Chennai
OPG Power Ventures is pleased to announce the addition of a
further 80 MW unit to its wholly owned Chennai plant, taking
projected group generation capacity up from the current 113 MW to
742 MW by 2013. The additional unit is expected to be commissioned
in 2013 and will be situated in Gummidipoondi adjacent to the
existing plant. No additional land is required for the expansion.
Environmental clearance for the development has been obtained and
major items of equipment have been ordered. The estimated capital
cost of the project is expected to be GBP 62 million. The equity
component of the required capital expenditure for the project will
be financed from the group's existing capital and internal
resources.
The additional unit is designed to be a close replica of Chennai
I, the Company's first 77 MW plant at Gummidipoondi which is
operating satisfactorily, having achieved average load factors of
88% in the first six months of 2011 consuming both domestic and
imported coals during the period. The additional unit, like all of
the Company's other projects, is also designed to retain such fuel
flexibility, a feature that the Board believes distinguishes the
Company's coastal plants from many other inland generators.
Combining Chennai III and IV
The Company is pleased to announce that the Phases III and IV
projects in Chennai (conceived as separate modules of 80 MW each)
will now be developed as an upgraded single unit of 160 MW. OPG's
technical team has determined that this is expected to result in
savings in coal consumption of around 11% as a result of better
equipment efficiency for a 160 MW unit. At the same time, the
reduced footprint of a 160 MW unit makes available space for the
aforementioned expansion. The construction of this 160 MW plant
will start shortly and the targeted commissioning date remains
2013. The Company has obtained the required environmental clearance
and major items of equipment are under order.
Henceforth, the term Phase III will refer to the 160 MW unit
being developed at the site and the term Phase IV to the further 80
MW unit referred to in the first paragraph of this announcement.
The terms Phase I and Phase II will relate, as hitherto, to,
respectively, the 77 MW unit now operational and to the second 77
MW unit, now under construction.
Results announcement date
OPG's results for the year ended 31 March 2011 will be announced
on 15 August 2011.
For further information, please visit www.opgpower.com or
contact:
OPG Power Ventures plc
Arvind Gupta (Managing Director) +91 (0) 44 429
11 222
V. Narayan Swami (Finance Director) +91 (0) 44 429
11214
Martin Gatto (Senior Non Executive +44 (0) 7778 749
Director) 223
Cenkos Securities (Nominated Adviser +44 (0) 20 7397
& Broker) 8900
Stephen Keys/ Camilla Hume
Tavistock Communications +44 (0) 20 7920
3150
Simon Hudson / Sonya Williams
This information is provided by RNS
The company news service from the London Stock Exchange
END
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