Orient Green Power Company announced that it has plans to expand assets in the renewable energy segment. The Shriram Group Company informed that it is looking at the possibilities of growth in overseas markets as well.
The firm said the company sees ample opportunity for expansion through a hybrid model of wind power and solar power as the government’s policy on renewable energy remains strong in light of Prime Minister Narendra Modi’s vision. The company stressed that it wanted to maximize existing assets by using a mix of solar and wind power at existing locations.
The company aims to expand to 1 GW in renewable energy in the next two to three years.
Orient Green is one of the largest independent power producers of renewable energy in the country. As of June 2022, the company has a portfolio of 402.3 MW of wind assets spread across the states of Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, it also has a small 10.5 MW wind farm in Croatia. The company counts United States-based Bessemer Venture Partners and Olympus Capital Holdings Asia among its partners.
Meanwhile, the progress update on the rights issue was also considered in the board meeting. In addition, the Board also confirmed the appointment of a consultant for a comprehensive study including feasibility, funding and ramp up.
Shares of Orient Green jumped 6 per cent to Rs 11.60 at 11:40 am today, January 3. The 52-week range of the stock is Rs 28.45 – Rs 6.80.
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