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 Ajit Pratap Singh
| Via Tavistock below |
| Cavendish Capital Markets Limited (Nominated Adviser & Broker) Stephen Keys/Katy Birkin
| +44 (0)20 7220 0500 |
| Tavistock (Financial PR) Simon Hudson/Nick Elwes | +44 (0)20 7920 3150 |
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