Adani Power Ltd. signs definitive agreements with AES

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Adani Power Limited (APL), India’s largest private sector power producer, has signed a definitive agreement to acquire the 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, Odisha. This plant is the mainstay of the Odisha state 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. Government of Odisha holds the balance 51% stake in OPGC. The acquisition also marks APL’s foray into Odisha state, 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 Government of Odisha and the people of this progressive state.

AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India.

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.

About Adani Power Limited

Adani Power (APL), a part of the diversified Adani Group, is the largest private power producer in India. With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all.

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