Adani looks to buy OPG’s thermal plant
Adani Power, India’s largest coal-based private power producer, is in early discussions with OPG Power Ventures to acquire a 414-megawatt coal-fired plant near Chennai, said two people aware of the development.
The deal, if finalized, will likely be valued at ₹1,000-1,200 crore, the people said on condition of anonymity. OPG Power Ventures is a thermal and renewable energy company listed on the London Stock Exchange’s Alternative Investment Market.
Adani’s commitments to make additional investments in the thermal power sector runs against the trend in India’s power sector with other large thermal power companies such as Tata Power and JSW Energy saying they will no longer invest in greenfield thermal power projects. Last month, for instance, JSW Energy terminated its ₹5,321 crore deal to acquire GMR Kamalanga Energy, a stressed thermal power asset. This also comes amid a strong focus on renewable sources of energy, especially solar.
