The Competition Commission of India (CCI) has approved the proposed acquisition of 49% of the total equity share capital of Odisha Power Generation Corporation Limited (OPGC) by Adani Power Limited (APL). In June 2020, the US power group AES Corporation signed an agreement to sell its 49% stake in the 1,740 MW OPGC 1-2 coal-fired power plants in Odisha (eastern India) to Adani Power, an affiliate of the Indian conglomerate Adani Group. The transaction is in line with AES's strategy to cut the share of coal in its power mix to below 30% by the end of 2020 and to less than 10% by the end of 2030. The sale was subject to the consent of the Odisha state, which owns the remaining 51% stake in the power plant.
According to India’s Central Electricity Authority, the share of coal-fired power capacity in the country’s installed electricity generation capacity is expected to decrease 55% in 2019 to 33% in 2030, while the share of renewables should rise from 24% to 34%. In 2030, India is forecast to have a total capacity of 817 GW, with 280 GW of solar, 267 GW of coal, 140 GW of wind, 61 GW of hydro and 19 GW of nuclear.
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