The US power group AES Corporation has 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. Through this sale, the share of coal in AES' total power generation will be reduced from 45% to 35%. 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 is subject to customary approvals and 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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