Orient Green Power Company (OGPL) is set to expand its footprint in the renewable energy sector and has set a target to reach an installed capacity of 1 GW by venturing into a hybrid model of wind and solar capacities or both.
To support this expansion, OGPL is preparing to launch another rights issue, aiming to raise Rs 250 crore. This funding will primarily be directed towards entering the solar market and reducing existing debt. Last year, the company successfully raised approximately Rs 230 crore through a similar rights issue.
OGPL plans to develop a solar capacity of 39.6 MW through its subsidiary, Delta Renewable Energy Private Limited. This project will be executed in two phases, each comprising 19.8 MW. The first phase will be financed by the proceeds from the rights issue, while the second phase will be funded through debt.
As of March 31, 2024, OGPL’s installed capacity stood at 402.3 MW of wind power plants across Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka and also Europe. In alignment with its growth strategy, the company has initiated component upgrades on selected windmills, expected to be completed in the next fiscal year. This upgrade is anticipated to enhance power generation in the future.
