Lesser-known entity of Shriram Group, Orient Green Power Company, attracted limited offers during Tuesday’s trading session after the company announced that it is looking to consider options to maximize the utilizing of existing assets.
The domestic renewable power player’s board discussed various options to consider the possibility of maximizing existing assets by exploring into Hybrid solutions and having a mix of solar and wind energy farms at their existing locations.
The company board had recommended the same in its meeting held on December 23, 2022, the company said in the exchange filing.
Following the announcement, shares of Orient Green Power jumped about 7 per cent to Rs 11.69 on Tuesday. The counter had settled at Rs 10.95 on Monday. The stock has gained more than 25 per cent in the last one month.
The company board also discussed opportunities available in green energy worldwide and the current focus of Governments across and this gives tremendous opportunity for the company.
The company intends to expand its business upto 1 GW in Renewable Energy in the next two to three years. As of June 2022, the company has a portfolio of 402.3 MW of wind assets spread across the states of Tamil Nadu, Andhra Pradesh, Gujarat, Karnataka, and it also includes a small 10.5 MW wind farm in Croatia.
The company counts United States based Bessemer Venture Partners and Olympus Capital Holdings Asia amongst its major partners.
For the last three years, the company registered a profitability growth of 2 per cent, but its consolidated financials in FY22 increased 15 per cent over the last one year.
Also Read: Jefferies picks Cholamandalam, Aavas as top NBFC ideas for 2023, finds value in LIC Housing