Adani Power buys 49% stake in 1.74GW coal plants

The government owns the remaining stake.

Adani Power has acquired a 49% equity interest in the 1.74GW OPGC 1&2 coal-fired plants in Odisha, India, from US-based AES Corporation, the latter revealed in a press release.

The government of the state of Odisha owns the remaining 51% stake in the two coal-fired power plants. This transaction is still subject to customary approvals and the consent of the government of the state.

AES previously announced a goal to reduce its generation from coal to below 30% by the end of this year and to less than 10% by the end of 2030. Through this sale, AES' generation in megawatt hours from coal will be reduced to 35% of total generation, from 45%.