Adani Power-led consortium completes takeover of Coastal Energen

The total cost was nearly $40m.

A consortium, including Adani Power, has completed the acquisition of Coastal Energen Private Limited (CEPL), which owns and operates a thermal power plant located in Tuticorin, Tamil Nadu.

In a regulatory filing, Adani Power said the transaction was completed on 31 August. 

An earlier filing noted that the takeover involves upfront payment of $39.72m (INR3,330.88 crore) to financial creditors, whilst operational creditors will receive $56,000 (INR4.64 crore).

The plan also includes the incorporation of CEPL with Moxie Power Generation Limited (MPGL), a special purpose vehicle (SPV) of the consortium. 

“Upon implementation of all the conditions of the approved resolution plan, CEPL has been amalgamated with MPGL. Consequently, CEPL stands dissolved without winding up and without further act or deed and accordingly the SPV / MPGL shall continue to exist as the surviving entity,” Adani Power said.

CEPL's 1,200-megawatt (MW) thermal plant currently supplies 558 MW to Tamil Nadu State Discom TANGEDCO under a long term power purchase agreement.

$1 = INR83.93