Board of Orient Green Power approves expansion plan in green energy sector
Jan 04, 2023
New Delhi [India], January 4 (ANI/PNN): Orient Green Power Company, a Shriram Group Company, is considering to expansion of its business into the green energy sector as it aims to maximize existing assets.
The company in its board meeting held on December 23 said that it would be exploring hybrid solutions and have a mix of solar and wind energy farms at its existing locations. The board also discussed opportunities available in green energy worldwide. The focus of the government on the renewable energy sector provides ample opportunity for the company to expand its portfolio.
The board also took into consideration the updates on the progress on the rights issue. They also deliberated on the enhancement of value to stakeholders.
The company's Managing Director also explained the prospects of the business to expand upto 1 GW in renewable energy in the next two to three years.
The board further confirmed the appointment of a consultant for a comprehensive study including feasibility, financing and ramping up.
Orient Green is one of the largest Independent Power Producers of Renewable Power in the country.
Ravi Singh, Vice President and Head of Research at Share India said, "Orient Green Power Company reported robust net profit growth of 277 per cent in Sept quarter on QoQ. The company aims to expand up to 1 GW in Renewable Energy in the next 2-3 years and Govt's strong focus on green & renewable energy provides a great opportunity for the company to become a key leading player in this segment in the coming years. On technical setup, the momentum indicators and oscillators on the daily chart are suggesting a near-term target of 14 levels and if the trend sustains above 14 then the level of 16 is most probable."
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