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Adani Power to acquire 49 per cent stake in Odisha Power Generation

  • 15 days ago (2020-06-24)
  • David Flin
Asia 563 Coal 139

Adani Power Limited (APL) has announced that it has signed a definitive agreement to acquire a 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of AES , the US-based global energy company. OPGC operates a 1740MW coal-fired power plant at Banharpalli in Odisha, India. This plant is the mainstay of Odisha state for baseload power supply. OPGC said that the plant was among the lowest cost power generated in the state.

The plant has 1320MW of supercritical capacity, a recently commissioned modern addition. The plant has a long-term PPA valid for 25 years with the state owned off-taker GRIDCO, and sources fuel from a nearby captive mine.

The Government of Odisha holds the balance 51 per cent stake in OPGC.

The transaction is subject to customary regulatory approvals including compliance with applicable requirements in relation to the Government of Odisha and the receipt of regulatory approvals from such as Competition Commission of India and the Reserve Bank of India.