Bhubaneswar: Adani Power Limited (APL) on Tuesday said 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. The Government of Odisha holds the balance 51 per cent stake in OPGC.
Odisha Power Generation Corporation operates 1,740 MW thermal power plant at Banharpalli in Jharsuguda district of Odisha. This plant is the mainstay of the state for baseload power supply and amongst the lowest cost power generated in the state, it said.
The supercritical capacity of 1,320 MW is a recently commissioned modern plant with a 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 company said that is committed to develop and operate high-quality infrastructure in the state besides facilitating the delivery of renewables and energy storage across the country.
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.
Adani Power Limited, 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.