First Project of 42 MW completed (1041K)
11 July 2011 - 4:00PM
UK Regulatory
TIDMCEL
RNS Number : 1041K
Caparo Energy Ltd
11 July 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN
Press Release 11 July 2011
Caparo Energy Limited
("Caparo Energy" or the "Company")
First Project of 42 MW completed
The board of directors of Caparo Energy (the "Board") is pleased
to announce that the Company's first project, totalling 42 MW and
comprising 20 Suzlon S-88 2.1 MW wind turbine generators ("WTG"),
has been connected to the grid and commissioned.
The project is currently considered by the Board to be one of
the best sites available in Rajasthan and has an overall potential
for over 400 MW.
As stated in the company's update on 20(th) June, the Company
has entered into a 20 year Power Purchase Agreement ("PPA") with
the Rajasthan State Electricity Board for the sale of power
generated by the 20 WTGs at a rate of Rs. 4.22 per kWh. The project
will also receive an additional incentive of 4% over and above the
energy tariff, resulting in a net tariff of Rs. 4.39 per kWh.
Furthermore, the project is eligible for approval under the
Generation Base Incentive Scheme to earn an additional Rs. 0.50 per
kWh. The Board also expects the Company to receive revenues through
CER credits.
The Company also expects that its second project in Mahidad,
Gujarat, comprising 12 Suzlon S-88 2.1 MW WTGs, totalling 25.2 MW
will be fully completed by mid-August 2011.
Further information on the Company can be found at
www.caparoenergy.com.
- Ends -
For further information please contact:
Caparo Energy Limited
Ravi Kailas, Chief Executive Officer +91 40 4396 0000
Strand Hanson Limited
Angela Peace / Paul Cocker / James Harris +44 (0) 20 7409 3494
Mirabaud Securities LLP
Peter Krens / Rory Scott +44 (0) 20 7878 3360
Pelham Bell Pottinger
Charles Vivian / Philippe Polman +44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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