Adani Power to acquire US-based AES’ stake in Odisha power plant
Adani Power on Tuesday said it had signed definitive agreements with US-based AES Corporation to acquire the latter’s 49% stake in the 1,740-MW Banharpalli thermal power plant in Odisha. The remaining 51% of the plant is owned by the Odisha government. The financial details of the deal were not disclosed.
The plant had recently increased its capacity by 1,320 MW through a Rs 11,000-crore expansion project. It has a long-term power purchase agreement (PPA) valid for 25 years with the host state, and sources fuel from a nearby captive mine. The acquisition marks Adani Power’s foray into Odisha.
