Shriram Group Entity Orient Green Set for Hybrid Green Energy Expansion

Among the largest Independent Power Producers of renewable power in India, an entity of the Shriram Group, Orient Green Power has shared its ambitions for expansion of assets in the renewable energy space. The firm has further added that is exploring the possibility of growth in international markets as well. At present, the firm has a wind farm of 10.5 MW capacity in Croatia.

The firm has said that it is on the lookout for expansion prospects for expansion by way of a hybrid model combining wind energy and solar energy. It will be maximising its current portfolio by employing a hybrid of solar and wind energy projects at locations where the firm is already present.

The company has expansion plans for upto 1 GW for renewable energy in the following two to three years.

As of June 2022, the firm boasted of a portfolio of 402.3 MW of wind assets covering the states of Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka. Among its partners are USA’s Bessemer Venture Partners and Olympus Capital Holdings Asia.

Meanwhile, the board its meeting also took into consideration the updates on the progress on the rights issue. Besides, the board also confirmed the appointment of a consultant for a comprehensive study including feasibility, financing and ramping up.

In the last three years, the firm has recorded a profitability growth of 2 per cent.