Hopes to generate 514 MW by the end of 2013
Biomass power plants coming up in TN and Rajasthan
CHENNAI: Orient Green Power (OGPL), a dedicated renewable energy generation company with operations in India, has announced the completion of a fund raise of $55 million led by Olympus Capital Holdings Asia, a private equity fund. Olympus Capital is investing $35 million, and Shriram EPC (SEPC) and Bessemer Venture Partners (BVP) are chipping in with $10 million each. With the completion of this round of funding, OGPL has access to $75 million of equity, including funds raised earlier from BVP and SEPC.
OGPL is a venture founded by SEPC along with BVP, with the objective of owning and operating a portfolio of renewable energy projects.
Addressing a press conference here on Tuesday, T. Shivaraman, founder of OGPL and Managing Director of SEPC, said the equity infusion was in line with OGPL’s business plan to achieve its growth objectives.
On the projects, P. Krishnakumar, Managing Director, OGPL, said by the end of the current fiscal, 216 MW costing Rs. 1,000 crore, would be in operation. The company at present operates biomass and wind energy assets with a capacity of 70 MW. It was implementing projects of a capacity of 146 MW and wanted to install or acquire renewable energy assets of a total capacity of 514 MW over the next five years.
According to Mr. Krishnakumar, a biomass power plant each in Tamil Nadu and Rajasthan with an installed capacity of 113 MW and a small hydro plant in Orissa with a capacity of 15 MW were coming up. Similarly, one wind farm in Andhra Pradesh and two in Tamil Nadu with a capacity of 60 MW and a biogas power plant in Maharastra with a capacity of 28 MW were coming up.
By the end of 2013, OGPL plans to go for an initial public offering (IPO).