Adani Power Acquires 49 Per Cent Stake In OPGC

Ahmedabad: Adani Power Limited (APL) has signed a definitive agreement to acquire 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation (AES), the US-based global energy company.

OPGC operates 1,740 mw thermal power plant at Banharpalli in Jharsuguda district. The plant with supercritical capacity of 1,320 mw was recently commissioned, according to a company release.

The plant has a long-term power purchase agreement (PPA) valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine.

The Odisha Government holds the balance 51% 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 such as the Competition Commission of India and the Reserve Bank of India.