Bhubaneswar: Adani Power Limited (APL) said Tuesday it 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 of Odisha. This plant is the mainstay of Odisha for base load power supply and amongst the lowest cost power generated in the state, APL said. it said.
The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint. 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, a company statement said.The Government of Odisha holds the balance 51 per cent stake in OPGC.
The acquisition also marks APLs foray into Odisha, and it demonstrates the Adani Groups long-term commitment to develop and operate high quality infrastructure in the state. Adani Group is committed for successful and mutually beneficial long-term partnership with Government of Odisha and the people of this progressive state, the company said.
AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India, it said.
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 Competition Commission of India and Reserve Bank of India (RBI).
APL, a part of the diversified Adani Group, is on course to achieve its growth potential with the help of a world-class team of experts in every field of power. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all, the company said.