KSK Power Ventur PLC Indian Subsidiary Results and Trading Update (7620Z)
31 5월 2016 - 9:44PM
UK Regulatory
TIDMKSK
RNS Number : 7620Z
KSK Power Ventur PLC
31 May 2016
KSK Power Ventur PLC
31 May 2016
KSK Power Ventur plc
("KSK" or the "Group" or the "Company")
Indian Subsidiary Financial Results and Trading Update
KSK Power Ventur plc (KSK.L), the power project company listed
on the London Stock Exchange, with interests in multiple power
plants and businesses across India, is pleased to announce that its
Indian subsidiary, KSK Energy Ventures Limited ("KSKEV"), the
equity shares of which are listed and traded on the National Stock
Exchange of India Limited ("NSE") and the BSE Limited ("BSE") has
filed its financial results for year ending 31 March 2016 under
Indian GAAP with the NSE and BSE.
Full details of the KSKEV results are available at:
http://www.bseindia.com/xmldata/corpfiling/AttachLive/853543E0_07F8_4F94_9D62_ED21811D3259_120237.pdf
In addition, the Company is able to give the following trading
update up to 31 March 2016.
During the twelve month period operating assets generated 9,987
GWh with an average portfolio plant load factor of 55%, as against
6,158 GWh (34%) for FY 2015, and 5,757 GWh (32%) for FY 2014.
31 March 2016 31 March 2015 31 March 2014
KSK Mahanadi 6,368 3,203 1,088
( 1200 MW) GWh (60%)* GWh (30%)* GWh (10%)*
Sai Wardha (540 1856 1,174 2,586
MW) GWh (39%) GWh (25%) GWh (55%)
VS Lignite (135
MW) 792 GWh (67%) 851 GWh (72%) 902 GWh (76%)
Sai Regency
(58 MW) 459 GWh (90%) 423 GWh (83%) 445 GWh (88%)
Sai Lilagarh
(86 MW) 172 GWh (23%) 148 GWh (20%) 341 GWh (45%)
Sitapuram Power
(43 MW) 324 GWh (86%) 343 GWh (91%) 342 GWh (91%)
Solar Project
(10 MW) 17 GWh (19%) 16 GWh (18%) 19 GWh (21%)
9,987 6,158 5,757
TOTAL GWh (55%) GWh (34%) GWh (32%)
*KSK Mahanadi's PLF is calculated across the periods on the
installed capacity base of 1200 MW although actual operations of
this capacity only commenced substantially during the second half
of FY 2016 (upon grant of the necessary transmission corridor
access for supplying through the National Grid).
The near 10 TWh of generation has resulted in a significant
uplift in gross revenue, supported by increased supply tariffs, as
well as additional tariff entitlement under change in law
provisions of the underlying Power Purchase Agreements (PPAs) with
state owned distribution companies. With current generation at KSK
Mahanadi supported by a combination of coal linkage from South East
Coalfields Limited, as well as higher priced e-auctions of domestic
coal periodically being conducted by SECL, the Board expect EBITDA
to be in line with market expectations and further improvements to
EBITDA are anticipated upon coal linkage stabilisation.
With capitalisation of the entire common infrastructure setup at
KSK Mahanadi and associated debt being charged to operations,
higher interest charges were incurred during FY 2016. Together with
finance costs at other projects, higher finance costs are therefore
expected for the period ending 31 March 2016. However, going
forwards, the Board have initiated debt refinancing discussions for
a number of assets, such as at VS Lignite and Sai Wardha, with the
potential for interest savings coupled with a longer repayment
profile.
Total project cost for the 3,600 MW KSK Mahanadi power station,
along with the integration of the rail and water support
infrastructure projects, is estimated at US$ 4.181 billion (at
exchange rate of INR 68 / US$). Of this, US$ 2.561 billion has
already been incurred with a contribution of US$ 522 million of
Sponsor Equity and US$ 2.039 billion of project debt. As regards
the balance of US$1.62 billion yet to be incurred:
-- Next 1200 MW - an amount of US$ 962 million is expected to be incurred
-- Last 1200 MW - an amount of US$ 658 million is to be incurred
The consortium of project lenders have now committed to fund the
entire expenditure required for the next 1200 MW and construction
progress is being fully accelerated currently in coordination with
the EPC Contractor. As regards funding the additional project
equity including the last 1200 MW, the Group is also engaged in
discussion with multiple strategic investors for appropriate equity
participation at the KSK Mahanadi subsidiary level and the Group is
committed to raise the necessary incremental equity required at the
earliest opportunity. While this would result in the Group diluting
its effective equity interest in KSK Mahanadi this would enable a
completely funded and secure 3.6 GW power project.
For further information, please contact:
KSK Power Ventur plc
Mr. S. Kishore, Executive Director +91 40 2355 9922
Arden Partners plc
James Felix/Jonathan Keeling +44 (0)20 7614 5900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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May 31, 2016 08:44 ET (12:44 GMT)
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