Orient Green Power Company and IL&FS Wind Energy evaluate potential merger of wind energy generation business

To create largest listed renewable energy Company in India

Orient Green Power Company announced that the Board of Directors of the Company has approved entering into exclusive discussions with IL&FS Wind Energy to evaluate a potential merger of the Wind energy generation businesses of both entities. The resultant merged entity will have 1.2 GW of operating wind capacity, and will be by far the largest listed renewable energy Company in India.

OGPL is in the process of demerging its Wind and Biomass entities into two separate Companies, viz: OGPL (Wind) and Bio-bijlee Green Power (Biomass) respectively. Subsequent to the demerger, OGPL will have an operating wind capacity of 425 MW in FY 17 with an additional 43 MW under construction which will augment capacity of the combined entity in FY 18. IL&FS Wind has an operating capacity of 775 MW in FY 17. IL&FS is also developing an additional 228 MW which the merged entity will be in a strong position to acquire.

Both Companies have entered into a non-binding Agreement with an exclusivity period of 90 days. At this stage, the Companies would like to clarify that any potential outcome is subject to due diligence, definitive documentation and approvals by regulators, creditors, shareholders and other stake holders.

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