Orient Green aims capacity addition of 1,000 Mw by FY13

Renewable power generating firm Orient Green Power Company (OGPL), which listed on the bourses today, targets capacity addition of 1,000 Mw by FY13, a top company official said.

"Currently, we have a capacity of over 200 Mw of renewable energy including wind and bio-mass energy. We plan to increase our production to 1,000 Mw by FY13," OGPL's Vice-President and Chief Executive Officer T Shivaraman told reporters said after the listing.

However, the Shriram EPC promoted company failed to enthuse its investors; the scrip opened at Rs 45.70 on the BSE, rose to Rs 46 before declining to Rs 43.35 in the early trading. At National Stock Exchange, too, the scrip declined by 2.76 per cent as against the issue price of Rs 47 per share.

The firm had raised Rs 900 crore via an offering of 19,14,89,361 equity shares, which constituted 40.91 per cent of the fully diluted post issue paid-up capital.

Shivaraman said that out of the 1,000 Mw capacity, nearly 700 Mw would be wind energy and the rest 300 Mw bio-mass energy.

While the company has targeted 350 Mw for FY11, it is planning to increase its capacity to 850 Mw by FY12. "The funds that we have raised would suffice for generating nearly 800 Mw of energy. For the rest of the capacity, we would be using internal accruals," a company official said.