Adani Ability Confined (APL) on Tuesday said it has signed a definitive settlement to receive 49 per cent stake in Odisha Energy Technology Corporation (OPGC) from the affiliate marketers of The AES Company (AES), the US-based world energy corporation.
OPGC operates 1,740 MW thermal electrical power plant at Banharpalli in Jharsuguda district of Odisha. This plant is the mainstay of the state for foundation load energy supply and amongst the least expensive price electric power created in the condition, it claimed.
The supercritical capability of 1,320 MW is a recently commissioned modern-day plant with reduced carbon footprint. The plant has a extended-expression electrical power invest in agreement (PPA) valid for 25 years with the condition owned off-taker GRIDCO and resources gas from a nearby captive mine, a enterprise statement said.
The Federal government of Odisha holds the balance 51 per cent stake in OPGC. The acquisition also marks APLs foray into Odisha point out, and it demonstrates the Adani Teams extended-phrase dedication to acquire and function high high-quality infrastructure in the condition. Adani Team is dedicated for prosperous and mutually effective extensive-phrase partnership with Government of Odisha and the people today of this progressive state, it said.
AES and Adani Team shall continue on to husband or wife to aid the delivery of renewables and energy storage in India, it said.
The transaction is topic to customary regulatory approvals which include compliance with relevant prerequisites in relation to the Government of Odisha and the receipt of regulatory approvals such as Levels of competition Fee of India and Reserve Lender of India.
APL, a element of the diversified Adani Team, is on class to achieve its progress potential with the enable of a planet-course staff of gurus in every single area of ability. The organization is harnessing technology and innovation to change India into a energy-surplus country and present good quality and affordable electricity for all, the corporation claimed.