Adani Power Limited (APL) is on the process of acquiring 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 placed under function at Banharpalli in Jharsuguda district. This power plant is equipped for the baseload power supply and is amidst the lowest in number of cost in power generation within the state.
Another new modern power plant has also been commissioned with a capability of 1,320 MW. As per the 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 closeby captive mine.
The other 51 percent stake of OPGC is held by the Odisha government. This acquisition marks the entry of APL in the state.