Orient Green power board to meet tomorrow to discuss rights issue

PNN

New Delhi [India], August 9: Orient Green Power board will meet on 10th August, Thursday to approve rights issue of shares. The company is looking at rights issue to reduce debt and fund growth in the renewable energy sector.

Orient Green Power is a independent power producer with a capacity of over 400 mega watts (MW). The company is further looking to raise funds via rights issue to reduce debt and fund future growth projects in the renewable energy space.

The company recently refinanced its ₹721 crores of debt at reduced rate of interest from Indian Renewable Energy Development Agency (IREDA) Limited and the disbursement was received during April 2023.The interest savings from this refinancing will be visible from FY24, which will boost company's profitability. In addition, the Late Payment Surcharge (LPS) scheme introduced by the Ministry of Power helped it realise the long pending dues from State owned discoms.

Green Power's material subsidiary BETA Wind Farm Private Limited recently announced to upgrade its wind energy generators.

The renewable energy producer has repaid the entire principal and interest amounts that were outstanding on the loan taken from Yes Bank. The company has no other secured loan obligations, according to an exchange filing on Monday.

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