APRIL 20238A800 MW unit at Adani Power's (APL) thermal plant in Jharkhand has reportedly started operating commercially. The Adani Group company stated in a filing that the second unit of the 1600 MW project is also nearing completion and will likely be commissioned soon. This is to advise you that unit 1 of the Adani Power (Jharkhand) ("APJL") 2x800 MW ultra-super critical power facility, located in Godda, has achieved commercial operations, it stated. APJL, a fully-owned subsidiary of Adani Power, would provide the Bangladesh Power Development Board with electricity through a 25-year Power Purchase Agreement (PPA) for a matching net capacity of 748 MW from unit 1. With effect from April 6th, 2023, "APJL has begun processing its claims under the PPA", it declared. The second 800 MW unit is currently nearing completion and will shortly be put into service. For the quarter that ended on December 31st , 2022 (Q3FY23), Adani Power's consolidated net profit decreased 96 percent year over year to 8.7 crore, while its consolidated revenue from operationsincreased44.8 percent year over year to Rs.7,764.4 crore. Earnings before interest, taxes, depreciation, and amortisation, or EBITDA, for the entire company fell 17 percent to Rs.1,469.7 crore. On the National Stock Exchange, Adani Power shares ended the day on Thursday with a 1.1 percent gain, closing at 192.20 per share. Due to a public holiday, the financial markets in India were closed on Friday. Canadian shareholder Brookfield agreed to make investments of $1 billion in Avaada Ventures in what will be the biggest green energy bet in the country. A formal contract was signed lately between Brookfield and serial entrepreneur Vineet Mittal, leader of the Avaada group, and the first tranche of $400 million has been disbursed, people aware of the matter said on condition of anonymity. The remaining $600 million will be disbursed based on performance-linked milestones as projects scale up. Avaada Ventures is the holding company of the group.Funds raised from Brookfield will be used for the group's solar cell/module manufacturing and green ammonia plans, as well as scaling up its renewable energy generation capacity. Avaada is also negotiating with an existing investor, Thailand's state-owned utility PTT, to deploy another $300 million. PTT had in July 2021 invested $454 million in Avaada Energy, the solar arm of the Avaada Group, and holds a 43 percent stake in that unit. The additional investment by PTT may be made in the solar arm, said the people cited above. Shareholder approvals and clearances are being worked out before a formal announcement on the fundraising is made, they added. TOP STORIESBROOKFIELD TO INVEST $1 BILLION IN AVAADAADANI POWER'S JHARKHAND UNIT STARTS OPERATIONS, SUPPLYING ELECTRICITY TO BANGLADESH
< Page 7 | Page 9 >