REG - OPG Power Ventures - Sale of Solar Assets

OPG Power VenturesAnnouncement

21/03/2024 07:00

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RNS Number : 7576H  OPG Power Ventures plc  21 March 2024

21 March 2024

 

OPG Power Ventures Plc

("OPG", the "Group" or the "Company")

 

Sale of Solar Assets

 

OPG Power Ventures Plc (AIM: OPG), the developer and operator of power
generation assets in India, announces the sale of the Group's 31% equity
holding in the four solar assets totalling 62 MW located in Karnataka,
India.  As previously announced, the Group has been seeking to divest its
stake in the solar assets which was impacted by Covid-19.

 

The Group's 31% interest in each asset is being sold for a total consideration
of approximately £291,000.  This compares to an original investment by the
Group in these assets of approximately £2,115.

 

OPG Power Generation Pvt Ltd ("OPGPG"), a subsidiary of OPG, currently holds a
31% equity interest in Aavanti Solar Energy Private Limited ("ASEPL"), Mayfair
Renewable Energy (I) Private Limited ("MREPL"), Aavanti Renewable Energy
Private Limited ("AREPL") and Brics Renewable Energy Private Limited
("BREPL").

 

OPGPG will continue to hold the debentures of approximately £10.8 million
subscribed in these solar assets.

 

Avantika Gupta, Chief Executive Officer of OPG, commented:

 

"We are pleased to have completed the sale of these non-core assets. Our
business remains robust and we look forward to provide continuous updates on
progressing our strategy within the Indian energy sector."

 

For further information, please visit www.opgpower.com or contact:

 

 OPG Power Ventures Plc                                              Via Tavistock below

 Ajit Pratap Singh

 Cavendish Capital Markets Limited (Nominated Adviser & Broker)      +44 (0)20 7220 0500

 Stephen Keys/Katy Birkin

 Tavistock (Financial PR)                                            +44 (0)20 7920 3150

 Simon Hudson/Nick Elwes

 

 

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