OPG Power Ventures, a developer and operator of group captive power plants in India, has joined AIM. The IPO raised £65.1 million at 60p per share, giving the company a market capitalisation of £172.2 million.

The funds raised will be used to finance the construction of four new power stations, which will lift the company’s power output from 19MW to more than 450MW by the third quarter of 2010.

Arvind Gupta, managing director, said: “OPG is pleased with the extremely strong response from the UK investment community to our business, which is focused on addressing the significant power deficit issues in India.”

OPG currently operates a 19MW gas-fired waste heat electricity plant in Tamil Nadu, India, and a 10MW coal-fired waste heat power plant in the same area is due to commence production later this year.

Despite increased power generation capacity across the subcontinent, India continues to face an average energy deficit of 9 per cent and demand for power is predicted to grow between ten and 12 per cent per annum in the next ten years.