Aug 26 2010
Orient Green Power Company Ltd, an Indian clean power company, has declared its plans to increase its power production capacity from 193 MW (wind energy 152.6 MW, biomass 40.5 MW) to 1000 MW by the year 2013 by expending on a blend of biomass, wind energy and hydro power projects.
The company is an auxiliary of Orient Green Power Pte Ltd, a Singapore based company which is owned by Shriram EPC, Singapore and Bessemer India Capital OGPL Ltd with 37.7% investments each and AEP Green Power Ltd with 24.6% investment.
T. Shivaraman, Vice Chairman of the company, said that the additional requirement of Rs.40 billion will be managed with a mix of borrowing and raising equity, he added that the company has already submitted its draft proposal to Securities and Exchange Board of India (Sebi) for raising Rs. 900 crore through equity investment. Sivaraman said that while the company did not make any profits last year, it is expected to make profits with improvements in its bottom line and with an increase in projects that will go on production soon. He further explained that before making the proposal for the 40 billion investment, his company has calculated the relevant plant load factors (PLF) into consideration.
P. Krishnamumar, managing director of the company explained that the biomass operation of the company will comply with 80% PLF while the wind turbines will work with 20% PLF. He was optimistic about his company adding 457 MW fresh power capacities with 384 MW power productions from wind farms and 73.5 MW productions from biomass. He clarified that Bessemer India and AEP Green have agreed to stay for a lock in period of one year with the company during the opening of the IPO.
Source: http://www.orientgreenpower.com/