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May 7, 2012

Orient Green to invest Rs. 1857 Crores for wind farms in Tamila Nadu, Andhra Pradesh & Gujarat…

Orient Green Power

Beta Wind Farm Private Ltd (BWFPL), a subsidiary of Orient Green Power Company Ltd, is planning to invest around Rs. 1857 Crores to set up wind farms in Tamil Nadu, Andhra Pradesh & Gujarat.

 

BWFPL earlier was planning to develop 300 MW wind farm in Tamil Nadu in Tirunelveli, Tuticorin & Theni places.

 

However due to “evacuation & infrastructure issues”, company has decided to revisit the plan and go for two more states.

 

As per the communication to the shareholders,

“evacuation and infrastructure issues” in Tamil Nadu had prompted Beta to revisit the plan. It has now “decided to set up wind farms with a generation capacity of 156 Mw in Tamil Nadu and 144 Mw in the states of Gujarat and Andhra Pradesh, where also the returns are expected to be equally attractive in terms of power generation”.

 

We found that a consortium of 10 banks such as Axis Bank (Lead banker), Canara Bank, Dena Bank, Karnataka Bank, Tamilnadu Mercantile Bank, Vijaya Bank and Indian Overseas Bank etc have sanctioned around 1,236 Crores rupee term loan to BWFPL.

 

To avail the above loan, Orient Green Power had issued a corporate guarantee for the project to Axis Bank, on behalf of BWFPL.

Besides BFWPL, Gamma Green Power Pvt Ltd, another Orient Green Power subsidiary engaged in the business of setting up of wind farms, is planning to purchase two WEGs at Gujarat, aggregating 4-MW assets. Towards refinance for assets of 3.98 Mw, it has a raised term loan from Bajaj Finance Ltd and Orient Green Power issued a corporate guarantee for Rs 23 crore in favour of Bajaj Finance.

 

With this acquisition, total capacity of Gamma would increase to 62.02 Mw.

 

Orient Green Power Company Ltd is promoted by Shriram EPC, a Shriram Group company, with investments from Bessemer Venture Partners of US and Olympus Capital Holdings, Singapore, for the creation and ownership of renewable energy assets. The company is one of the largest independent operators and developers; its portfolio includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.

 

As of September 2011, the company had 300 Mw of aggregate installed capacity. This comprised 250 Mw of wind energy projects and 50 Mw of biomass projects. The company has set a target to become the country’s largest renewable energy producer and other attractive markets, reaching 1,000 Mw by 2013.

 


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