Essar Energy says Gujurat power plant now fired up
Essar Energy, the India-focused integrated energy company, says that commercial operations have begun at its 1,200 megawatt (MW) Salaya I power project.
Essar Energy, the India-focused integrated energy company, says that commercial operations have begun at its 1,200 megawatt (MW) Salaya I power project.
Unit 1 is now providing up to 600MW to the grid while Unit 2 (also 600MW) has been "synchronised" and is expected to begin commercial operations in the coming weeks.
The coal-fired Salaya I project is located in Gujarat state and is being built at a total investment cost of $1.1bn. Most of the power produced will be sold to the Gujarat state electricity utility, GUVNL, under a long-term contract.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Naresh Nayyar, the Chief Executive Officer of Essar Energy, said: "The commissioning of the first unit at Salaya is another major milestone for Essar Energy and we are also making good progress at our Mahan I and Vadinar phase 2 projects. These projects combined will add 2,910 megawatts to our generating capacity and will improve our revenues and profitability."
Over the last 12 months Essar shares have dropped 66%.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published