Monday, November 29, 1999

Orient Green Power files for Rs 900-cr IPO

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Mumbai, Jun 16 (PTI) The Chennai-based Orient Green Power Company today said it is planning to mobilise Rs 900 crore through an initial public offer next month to part-finance its Rs 4,400-crore capex plan. "We have filed the draft red herring prospectus with the regulator Sebi to raise Rs 900 crore through an initial public offer (IPO) in July. We have drawn up a capital expenditure plan of Rs 4,400 crore, which will be financed through equity, debt and internal accruals," Orient Green Power vice-president and chief executive T Shivaraman said. The company now plans to increase its renewable power generation capacity from the present 193mw to 1,000mw by 2013, Shivaraman added. The company is engaged in developing, owning and operating a diversified portfolio of renewable energy plants based on biomass, biogas wind energy and small hydel projects. It proposes to consolidate its position in the wind energy and biomass power sectors and enhance its diversified portfolio of renewable energy-based power projects with attractive returns. The company plans to set up approximately 622mw of wind energy projects and 178.5 mw of biomass project and a 15mw small hydel projects. The new 75-mw biomass projects are coming up in Maharashtra, Andhra Pradesh, Rajasthan, Punjab and Tamil Nadu, Shivaraman said, adding while the wind energy projects will come up in Tamil Nadu, Maharashtra and Gujarat. Shivaraman said the company is also making a foray into Sri Lanka and European markets with renewable energy projects. It is also developing capabilities in minor hydel power plants to serve small communities or industrial and commercial consumers. The first plant is coming up in Orissa with a 15-mw capacity. The company is also evaluating opportunities in solar and other renewable sources including waste-to-energy.

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