Commencement of Works at Gujarat (7264O)
September 22 2011 - 4:48AM
UK Regulatory
TIDMOPG
RNS Number : 7264O
OPG Power Ventures plc
22 September 2011
OPG Power Ventures plc ("OPG", "the Group" or the "Company")
Commencement of works at Gujarat
and
Acceleration of Chennai II
OPG Power Ventures (AIM:OPG), the developer, operator and owner
of group captive power plants in India, is pleased to announce the
acceleration of its 77MW Chennai II project and the commencement of
works at its 300MW power project in Gujarat.
Gujarat Project
The Company has now received formal approval from the Ministry
of Environment and Forests ("MoEF") for its proposals in connection
with sea water intake and outfall for its 300MW (2 x150) power
project in Gujarat.
As anticipated in the Group's 2011 Annual Report, the approval
means the project has now moved into the construction phase and
accordingly site works have commenced. Major equipment orders had
been placed earlier and OPG has maintained a dialogue with
equipment suppliers and contractors with the aim of remaining on
course for commissioning by 2013. A further update, including
projected near term milestones, will be provided in due course.
Acceleration of Chennai II
OPG announce an accelerated commissioning date for its 77 MW
Chennai II project of Q2, 2012. Commissioning of the project, which
has committed fuel supply from Coal India Ltd, will see the Group's
aggregate generation capacity increase from 113 MW to 190 MW.
About OPG
OPG is developing and operating power projects in India under
the group captive model. The Group currently has 113 MW in
operation and a further 629 MW fully funded and under development.
In the year ended 31 March 2011, the Group's revenues were
GBP33.15m and profit before tax was GBP11.16m. Earnings per share
were 2.129 pence, representing an increase of 559% over the
previous year.
For further information, please visit www.opgpower.com or
contact:
OPG Power Ventures plc +91 (0) 44 429
11 222
Arvind Gupta (Managing Director)
V. Narayan Swami (Finance Director)
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
Scott Harris +44 (0) 20 7653
0030
Stephen Scott/Harry Dee
This information is provided by RNS
The company news service from the London Stock Exchange
END
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