Orient Green okays expansion plan in green energy sector

Orient Green Power Company, a Shriram Group Company, is considering to expansion of its business into the green energy sector as it aims to maximise existing assets.

The company in its board meeting held on December 23 said that it would be exploring hybrid solutions and have a mix of solar and wind energy farms at its existing locations.

The board also discussed opportunities available in green energy worldwide. The focus of the government in the renewable energy sector provides ample opportunity to the company to expand its portfolio.

The board also took into consideration the updates on the progress on rights issue. They also deliberated on enhancement of value to stakeholders. 

Company's Managing Director also explained the prospects of the business to expand upto 1 GW in renewable energy in the next two to three years.

The board further confirmed the appointment of consultant for comprehensive study including feasibility, financing and ramping up.

Orient Green is one of the largest Independent Power Producers of Renewable Power 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, Andra Pradesh, Gujarat, Karnataka, and it also includes a small 10.5 MW to wind farm in Croatia.

The company counts United States based Bessemer Venture Partners and Olympus Capital Holdings Asia amongst its partners.

Shares of Orient Green Power settled at Rs 11.60 on NSE after zooming 6 per cent on Tuesday. Ravi Singh, Vice President and Head of Research at Share India, said that Orient Green Power Company's technical setup is suggesting a near-term target of Rs 14 and if the trend sustains, Rs 16 is achievable.