OPG Power Ventures Sells Indian Solar Stake

• OPG Power Ventures Plc sells minority stake in Indian solar portfolio to Tata Power Renewable Energy Limited, citing Covid-19 impact.

London-listed OPG Power Ventures Plc has sold its minority stake in a 62 MW Indian solar portfolio to Tata Power Renewable Energy Limited. The portfolio consists of four solar assets in southwest India, with each asset holding a 31% interest. The sale was made for a total of GBP 291,000, significantly lower than the original investment of about GBP 2,115.

The solar assets, commissioned in 2018, are located in Karnataka and include three sites of 20 MW each and one site of 2 MW. OPG decided to exit its interests in the assets due to the impact of Covid-19. The company will retain debentures of around GBP 10.8 million subscribed in these solar assets, while focusing on its flagship 414 MW coal-fired thermal plant in Tamil Nadu.

Why did OPG Power Ventures Plc sell its stake in Indian solar assets?

• OPG Power Ventures Plc sold its stake in Indian solar assets to Tata Power Renewable Energy Limited
• The sale was made for a total of GBP 291,000, significantly lower than the original investment of about GBP 2,115
• The solar assets, commissioned in 2018, are located in Karnataka and include three sites of 20 MW each and one site of 2 MW
• OPG decided to exit its interests in the assets due to the impact of Covid-19
• The company will retain debentures of around GBP 10.8 million subscribed in these solar assets
• OPG will now focus on its flagship 414 MW coal-fired thermal plant in Tamil Nadu.