OPG Power Ventures PLC reported operating results for the second quarter ended December 31, 2012. For the quarter, the company's 77 MW Chennai I plant achieved an average plant load factor (PLF) of 91%. This was in line with expectations and, with load factors in January 2013 being marginally higher than name-plate capacity. In addition 77 MW Chennai II achieved a PLF of 96% during the three months ended 31 December 2012, its commercial operations having commenced in early October. The ramp up of this unit since its commissioning has been stronger than it had anticipated, with load factors in January 2013 being slightly higher than name-plate capacity. Along with the gas and waste heat plants from which the financial contribution remains negligible, the Group's commercial operating capacity remains at 190 MW. The company's 80 MW Chennai III for which equity finance was derived from internal cash flows is approaching completion. Hydro testing has been completed successfully as has boxing up of the turbine. Photographs of the nearly completed unit and the associated coal handling facilities have been uploaded to the company's website. The unit is expected to enter its rigorous test phase before the end of May beyond which commissioning trials would commence. The plant is on track to commission in the next quarter. The 160 MW Chennai IV is in the advanced civil works phase of construction. As the floor plate of the plant is adjoined to the existing plant, infrastructure such as roads and access ways are shared with Chennai I, II and III and are thus already in place. The 2x150 MW Gujarat project is progressing well with boiler and chimney foundations complete and boiler erection, and electrical works commenced. One of the boiler drums is expected to be lifted and installed in the next few weeks, a significant milestone for the project as it facilitates the construction of the balance of the plant to commence. Chimney construction has already commenced.

The company continues to remain confident of 77 MW Chennai I unit achieving a plant load factor of 90% for fiscal year 2013 as a whole. Accordingly, the company has updated its expectation from 77 MW Chennai II unit to a PLF of just over 90% for fiscal year 2013, up from its previous expectation of 85%. 80 MW Chennai III is expected to enter its rigorous test phase before the end of May beyond which commissioning trials would commence. The plant is on track to commission in the next quarter. The next key step at 160 MW Chennai IV is for major equipment deliveries to commence. The plant remains on track for commissioning in 2014. The 2x150 MW Gujarat project remain on track for commissioning in the second half of calendar year 2014. One of the boiler drums is expected to be lifted and installed in the next few weeks, a significant milestone for the project as it facilitates the construction of the balance of the plant to commence. Chimney construction has already commenced.