Orient Green to invest Rs 4,000 cr in next 3 years

Orient Green Power (OGPL), an associate company of Shriram EPC Group, will make capital investment of over Rs 4,000 crore in the next three years to achieve 1,000 Mw of renewable energy generation capacity.

"We have so far made a capital investment of Rs 1,200 crore to have 220 Mw of operating renewable power generation capacity," OGPL Vice-Chairman and CEO T Shivaraman told newspersons here today.

"The capex investment shall be of over Rs 4,000 crore to have 1,000 Mw renewable power generation capacity by 2013, of which 75 per cent shall be wind power," he said.

OGPL has underconstruction projects in Maharashtra, Tamil Nadu, Andhra Pradesh, Rajasthan and Madhya Pradesh for generation of 73.5 Mw using bio-mass as input, besides another 30 Mw of bio-mass power plant, Shivaraman said.

The company has tied-up debt for 400 Mw of renewable power generation capacity, including 350 Mw of wind power.

OGPL is expected to come out with a public issue to raise Rs 900 crore this fiscal.

"The IPO proceeds shall largely be used to set up wind turbines at the proposed wind parks in states of Tamil Nadu, Gujarat, Andhra Pradesh, besides repayment of Rs 100 crore debt availed from IndusInd Bank," a company statement said.