Orient Green Power Company Ltd (OGPL), an independent renewable energy power producer, is planning to double power generation capacity by end of the present fiscal, with an investment of around Rs 1,200-1,300 crore.
The company is planning to add around 225 Mw capacity, wind power and biomass capacities combined, to the 220 MW capacity installed till March 31, 2011. It had 180 Mw of wind power and 40 Mw of biomass energy generation capacity till the end of last fiscal. The capacity for wind energy would be increased to 330-340 Mw while capacity for biomass would be increased to 105 Mw by end of the present fiscal.
Speaking to Business Standard in the sidelines of the company’s AGM, P Krishnakumar, managing director, OGPL, said, “We are looking to increase capacity to 450 Mw of wind energy and 100 Mw of biomass energy by the next wind season, which starts after the first quarter of next fiscal.”
The company is also planning to increase the total production to 550 Mw by June, 2012 before the beginning of the next wind season in July, 2012, he added. As of August, 2011, the company has a production capacity of 210 Mw of wind energy and 50 Mw of biomass energy.
“We require around Rs 6 crore as capex per megawatt and on that basis the total investment for the fiscal will be around Rs 1,200 crore,” he said. The company has a cash balance of Rs 200 crore left from its IPO in October, 2010, and no additional fund raising is planned for the present fiscal. The debt : equity ratio for investment would be 70:30, he added.
It is planning to commission 155.6 Mw of power in the wind power segment in Tamil Nadu by the end of the present fiscal, according to a recent company report. It would add around 10 Mw of wind power capacity combined in Gujarat and Karnataka, by the second or third quarter of the present fiscal. In Sri Lanka, it plans to set up a 10.5 Mw wind power project which would be ready for commissioning by the third quarter of the present fiscal. It also plans to set up another 10.5 Mw capacity in Croatia by the second quarter of this fiscal.
In biomass power generation, the company is planning to add 65.5 MW capacity in the current fiscal, out of which a 10 Mw capacity in Pollachi, Tamil Nadu has already been commissioned in July, 2011. The other projects include a 7.5 Mw production capacity in Maraikal, Andhra Pradesh, 10 Mw in Hanumangarh, Rajasthan, a 10 Mw capacity in Narasinghpur, Madhya Pradesh, expected to be completed by the second quarter of the present fiscal.
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Another 20 Mw project in Kolhapur, Maharashtra, and an 8 Mw project in Kishanganj, Bihar, would be ready by third quarter of current fiscal, expects the company.
Earlier, it has finalised turnkey contract with Suzlon for 50 MW in Gujarat, which would be commissioned in the first quarter of next fiscal and 50 MW in Karnataka to be ready by second quarter of FY 2013. The company expects a plant load factor (PLF) of 29-34 per cent from the new assets, added the company report.
Founded by Shriram EPC in October, 2006, along with Bessemer Venture Partners, OGPL has earlier raised around $35 million fund from Olympyus Capital Holdings Asia, making the company the third partner in the promoter’s group.