Orient Green Power To Raise Rs 250 Cr Through Equity Rights Issue

Orient Green Power To Raise Rs 250 Cr Through Equity Rights IssueReport

Orient Green Power Company has announced its plans to raise up to Rs 250 crore through the issue of equity rights to its existing shareholders. The company further said in its regulatory filing that the issue of equity shares with a face value of Rs 10 each of the Orient Green Power Company is proposed for an aggregate amount not exceeding Rs 25,000 lakh (Rs 250 crore) on a rights basis to the existing equity shareholders of the company.

Orient Green Power is one of India’s largest renewable energy producers. To date, the company has projects worth over 400 MW of wind energy capacity.. It operates a portfolio of energy projects in regions like Gujarat and Karnataka while expanding internationally to Croatia.

With a total of nearly 402.3 MW wind, Orient Green Power wind farms are located in the states of Tamil Nadu and Andhra Pradesh, which are among the top four Indian states with the highest wind potential and which have favorable incentives for renewable energy companies. The presence in Tamil Nadu is being expanded along with other locations in Andhra Pradesh, Gujarat, and Karnataka.

With 45 GW of installed onshore wind capacity as of January 2024, India now ranks fourth internationally in terms of overall wind installations, according to the Global Wind Energy Council’s (GWEC) Global Wind Report 2024. As a result, it is now ranked second in the Asia-Pacific area behind China in terms of wind market size. GWEC predicts that the industry will continue to expand, adding 22.8 GW of onshore wind capacity between 2024 and 2028.

Over 2.8 GW of onshore wind power was put into service in India in 2023, marking the most annual installation since 2017. According to the National Electricity Plan, installed wind capacity in India is expected to reach 73 GW by 2026–2027 and 122 GW by 2031–2032.
Furthermore, GWEC noted that a strong pipeline of more than 13 GW of wind projects exists in India as of September 23.