OGPL Initiates Rs 250 Crore Rights Issues

- Advertisement -

Orient Green Power Company (OGPL) launches a ₹250 crore rights issue to expand its solar capacity, reduce debt, and upgrade windmill components, aiming for 1 GW installed capacity.

Orient Green Power Company (OGPL) is expanding its presence in the renewable energy sector. The company aims to achieve an installed capacity of 1 GW by utilising a hybrid model of wind and solar capacities.

OGPL also plans to support this expansion by launching another rights issue, with the goal of raising Rs 250 crore. This funding will be used to enter the solar market and reduce existing debts.

- Advertisement -

The company has also established a Debt Service Reserve Account (DSRA) of about Rs 69 crore, strengthening its liquidity position.

OGPL’s subsidiary, Delta Renewable Energy Private Limited, is set to develop a solar capacity of 39.6 MW 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 the debt. This strategic move underscores the company’s commitment to expanding its presence in the solar industry.

OGPL’s instalment capacity stands at 402.3 MW of wind power plants across various states in India and Europe. In line with the growth strategy, the company has initiated component upgrades on selected windmills, which are expected to be completed in the next fiscal year. These upgrades are expected to enhance power generation in the future.

In FY24, OGPL refinanced over Rs 780 crore of secured borrowings at lower interest rates, approximately 300 basis points lower than before. Additionally, proceeds from the rights issue were used to repay promoter loans amounting to Rs 170 crore, significantly reducing the company’s debt burden.

As of these initiatives, OGPL’s debt decreased to RS 767 crore in FY24, down from Rs 1078 crore in FY23 and Rs 1,351 crore in FY20. 

According to KS Sripathi, Chairman of OGPL, this expansion sets the stage for the company’s future growth. OGPL is also exploring hybrid models that combine wind and solar energy to enhance its presence further and achieve its targeted installed capacity of 1 GW in the coming years.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Breathing Through “First-Time Silicon Success”

0
No one is born a leader, but the choices we make in life propel us to become a leader. For Chitra Hariharan, an innocent...

Worldwide Chip Sales Increased By 1.1% In April, Marking First 2024 Growth

0
A new forecast predicts robust annual growth, and the semiconductor market shows strong momentum, especially in the Americas and China. The Semiconductor Industry Association (SIA)...

Buzz

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

MAHLE Launches X30 Drive System For Electric Bikes

0
The system maintains compatibility with all components, accessories, and the digital ecosystem of the existing X20 system. MAHLE SmartBike Systems has unveiled its X30 drive...

MeitY Plans Billion-Dollar Subsidy Scheme For Component Manufacturing

0
Reports indicate that the Government will offer subsidies for lands obtained to manufacture electronics components in categories where the investment-to-output ratio is not high. The...

Important Sectors

Goenka Green’s ElectroRide To Raise $10-15M In FY25, Expanding To 4Ws

0
Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25...

MAHLE Launches X30 Drive System For Electric Bikes

0
The system maintains compatibility with all components, accessories, and the digital ecosystem of the existing X20 system. MAHLE SmartBike Systems has unveiled its X30 drive...

MeitY Plans Billion-Dollar Subsidy Scheme For Component Manufacturing

0
Reports indicate that the Government will offer subsidies for lands obtained to manufacture electronics components in categories where the investment-to-output ratio is not high. The...

Government Revamps PLI Scheme To Boost Telecom Manufacturing

0
The government revamps the PLI scheme for the telecom sector, boosting exports and incorporating more MSMEs, with increased allocation from Rs 1,000 crore to...

Honeywell, PwC India Empowers Businesses With Honeywell Forge

0
Honeywell and PwC India collaborate to enable companies with Honeywell Forge IoT software, leveraging analytics, machine learning, and AI to tackle industrial challenges and...

Manufacturing

Deadstock Or Forgotten Treasure?

0
In a world where technology is advancing at a breakneck speed, are the deadstock electronics components in your warehouse on the verge of becoming...

Honeywell Creates AI Software For Gigafactory Efficiency

0
Honeywell anticipates that its new battery manufacturing excellence platform will lower the costs of cell production, speed up the ramp-up cycles, and decrease material...

Raju B Ketkale Named CEO Of Lumax Industries

0
He takes over from Vishnu Johri, who is stepping down for personal reasons. Lumax Industries Limited, a Tier-1 automotive lighting system and component manufacturer within...

Schaeffler And Symbio JV Innoplate Starts Fuel Cell Plate Production

0
Starting with an initial production capacity of 4 million bipolar plates, the Innoplate joint venture is projected to achieve an annual output of 50...

Tesla Pushes Suppliers To Source Parts Beyond Taiwan And China

0
China and Taiwan are major global producers of essential electronics parts and components. Tesla has requested that its suppliers move the production of components and...