On Thursday, August 10th, the Orient Green Power board will meet to consider a rights issue of shares. For the purpose of reducing debt and funding industry expansion in renewable energy, the company is considering a rights issue.
Over 400 megawatts (MW) of power may be produced independently by Orient Green Power. The business is also trying to raise money through a rights issue in order to pay down debt and finance upcoming expansion initiatives in the renewable energy sector.
The company recently refinanced its ₹721 crores of debt at reduced rate of interest from Indian Renewable Energy Development Agency (IREDA) Limited and the disbursement was received during April 2023.The interest savings from this refinancing will be visible from FY24, which will boost company’s profitability. In addition, the Late Payment Surcharge (LPS) scheme introduced by the Ministry of Power helped it realise the long pending dues from State owned discoms.
Green Power’s material subsidiary BETA Wind Farm Private Limited recently announced to upgrade its wind energy generators.