AES stake in Orissa
US developer AES Corp. announced that it has signed a Shareholders Agreement with the government of Orissa as part of the process to acquire a 49 per cent stake in the Orissa Power Generation Corp. (OPGC) for some $144m.
The acquisition is subject to receipt of government approvals and is expected to be complete by the first quarter of 1999.
OPGC owns and operates a 420 MW mine-mouth coal fired power station in Orissa. Electricity from the plant is sold to the Grid Corp. of Orissa under the terms of a 30-year power purchase agreement.
– US-based oil and gas company Occidental has pushed ahead a proposal of National Thermal Power Corporation (NTPC) of India to set up a 1000 MW gas fired power plant in Bangladesh.