Oriental Green Power to raise Rs 400 crore through QIP

Shriram EPC is also planning a rights issue for fund raising

Orient Green Power (OGP), the renewable energy arm of Shriram Group is seeking shareholders' approval to raise around Rs 400 crore by alloting securities to qualified institutional buyers (QIBs) to meet its future requirements of capacity addition. Meanwhile, Shriram EPC Ltd, the EPC services firm of Shriram Group, is planning a rights issue for fund raising.

Speaking about the fund raising plans of OGP, T Shivaraman, vice chairman of Orient Green Power said that this is an enabling resolution to get approval of the shareholders for a future fund raising, since the market is looking up. He refused to comment on the rights issue of Shriram EPC.

The proposed fund raising of OGP would be to bring up additional capacity in the renewable sector, considering the opportunities for the sector is expected to go up. OGP's portfolio of operating projects included 510.355 MW of aggregate installed capacity, of which majority are wind energy projects and the rest is of Biomass Projects. It also has projects for 60 MW of wind power generation and around 20 MW of biomass facility in the pipeline, nearing completion, he added.