By Bizodisha Bureau, Bhubaneswar, June 23, 2020: Adani Power Limited (APL) on Tuesday signed an agreement to buy 49 per cent stake in Odisha Power Generation Corporation (OPGC) from US-based AES Corporation (AES).

Odisha government holds the balance 51 per cent stake in OPGC which operates the 1,740 MW thermal power plant at Banharpalli in Jharsuguda district, which is counted amongst the lowest cost power generated in the state.

The OPGC recently commissioned the super-critical capacity of 1,320 MW modern plant with low carbon footprint with a long-term power purchase agreement (PPA) valid for 25 years with the state owned Grid Corporation of Odisha (GRIDCO).

The company in statement said, the acquisition marks Adani Power’s foray into Odisha. “The Adani Group is committed for successful and mutually beneficial long-term partnership with Government of Odisha and the people of this progressive state,” it added.