Orient Green Power board approves expansion plan in the renewable energy segment

Shares of Orient Green Power Company declined over 9 percent on Friday after the company announced its plans to explore expansion opportunities in the green energy domain.

The company stated that given the current global environment, it encompasses huge possibilities in the sphere of the renewable energy business.

The renewable energy power producer has announced that its board of directors, at the meeting held on December 23, advised the company’s management to use the current situation to its advantage by improving and expanding further.

The recommendations by the board came as the company’s main subsidiary Beta Wind Farm Pvt. Ltd. reported an improved credit rating, along with stabilised cash flow and good potential for renewable energy.

Orient Green’s consolidated financial figures have grown by 15 percent in the financial year 2022 on a year-on-year basis, compared to an average profitability growth of 2 percent in the preceding three years.

Moreover, the company’s Board is mulling growth possibilities in overseas as well as Indian markets and has decided to explore expansion opportunities of renewable energy through a ‘Hybrid model of Wind Energy and Solar Energy’. The said model will work towards maximising the company’s existing infrastructure.

The company’s Managing Director and CEO, T Shivaraman, has been authorised by the Board to engage consultants/advisors for conducting a feasibility study including financial closures and other regulatory approvals required.

Shares of Orient Green Power ended 9.09 percent lower at Rs 11 on Friday.