Adani Power will acquire US-based The AES Corporation's 49 per cent equity stake in Odisha Power Generation Corporation for USD 135 million (around Rs 1,019 crore), the Adani group firm said on Tuesday.

"Adani Power Ltd (APL) has signed a definitive agreement to acquire the 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US-based global energy company," a regulatory filing said.

Adani Power will acquire a total of 89,30,237 equity shares held in OPGC representing 49 per cent of the total issued, paid-up and subscribed equity share capital of OPGC for USD 135 million.

The 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.

The Government of Odisha holds the balance 51 per cent 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, it said.

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

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, it added.

The turnover of OPGC during 2018-19 was Rs 887.71 crore.
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