Chennai-based wind generation company, Orient Green Power, joint venture between Shriram EPC and Bessemer Venture Partners has announced plans to achieve 1,000 MW installed wind energy capacity over the next 3-4 years.
Taking advantage of Indian government ambitious wind energy initiatives, Orient Green Power is keen to increase its wind energy portfolio across the country with an estimated investment of Rs 1,000 crore (US$150 million).
According to S Venkatachalam, Managing director of Orient Green Power, the company has a huge scope to almost double its wind energy portfolio by targeting 1,000 MW over the next few years. Currently, company has an operational capacity of around 425 MW and 57 MW of projects at various stages of development.
Orient Green Power plans to add over 100 MW per year to achieve this target. Company also plans to add 47 MW of additional capacity to its existing 50.54 MW wind farm at Tadipatri in Andhra Pradesh.
The company had reported a loss of Rs 22.7 crore (US$3.4 million) in the first quarter of financial year 2016-17 mainly because utilities did not take power from the wind projects due to lack of grid availability in Tamil Nadu. To overcome the huge loss, company has sought restructuring of the debt under the 5:25 scheme launched by Reserve Bank of India last year which enables infrastructure loans to be extended up to 25 years which an option of refinancing after every five years.
Orient Green currently has operational wind assets in Tamil Nadu (308 MW), Andhra Pradesh (75 MW), Gujarat (29 MW) and Karnataka (1 MW) and 11 MW in Europe. It is also planning to expand in Maharashtra and Rajasthan.