PTC to buy 800 MW of power from AES

New Delhi, July 15: AES Chhattisgarh Energy Pvt Ltd, a wholly owned subsidiary of AES Corporation USA, has signed an MoU with Power Trading Corporation of India Ltd to sell up to 800 MW of power from its 1,200 MW coal based Thermal Power Project being set up in Raigarh, Chhattisgarh.

The plant is expected to be commissioned by 2011-12 and the capacity from the plant is proposed to be sold on either competitive bidding or on merchant basis, as per the relevant government policies, said a statement.

Substantial development work has been completed on the project and many clearances have been obtained. With the signing of the MoU for sale of power, the major development work left before financial close is allocation of a captive coal mine, the satetement added.

AES now expects the Government of India to take a decision shortly in this regard.

AES, a Fortune 500 company is one of the world's largest global power companies, with 2006 revenues of 12.3 billion dollars.

UNI