Adani Power To Acquire 49% Stake In Odisha Power Generation Corporation
Adani Power Limited (APL) is all set to acquire a 49 percent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation, the US-based global energy company.
Under OPGC, a 1,740 MW thermal power plant is operated at Banharpalli in Jharsuguda district. This plant is responsible for the baseload power supply and is among the lowest in terms of cost in power generation within the state.
A new modern power plant has also been commissioned with a capacity of 1,320 MW. According to a statement issued by the company, the plant has a long-term power purchase agreement (PPA) valid for 25 years with the state-owned off-taker GRIDCO. Fuels will be sourced from a nearby captive mine.
The rest 51 percent stake of OPGC is owned by the Odisha government. This acquisition marks the entry of APL in the state. The company projected its long-term commitment to develop and operate high-quality infrastructure in the state. The statement also portrayed Adani Group’s commitment for a successful and mutually beneficial long-term partnership with the Government of Odisha and the people of the state.
This acquisition is yet to pass the customary regulatory approvals including compliance with applicable requirements concerning the Government of Odisha and the receipt of regulatory approvals such as the Competition Commission of India and Reserve Bank of India.