Adani Power acquires 49% stake in OPGC

Bhubaneswar: Adani Power Limited (APL), the country’s largest private sector power producer, signed a definitive agreement to acquire 49% 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 in Odisha. This plant is the mainstay of Odisha for base load power supply and amongst the lowest cost power generated in the state. 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.

The Odisha Government holds the balance 51% stake in OPGC.

The acquisition marks APL’s foray into Odisha, and it demonstrates the Adani Group’s 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 the Government of Odisha and the people of the state, Adani Power Limited said in a statement.

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.