Orient Green Power is one of India’s largest independent renewable power producers, born in 2006 and headquartered in Chennai. It started with both wind and biomass, but a hard pivot came in FY2017-18 when it sold every megawatt of its biomass business - 106 MW in all - because fuel costs had made it unviable, leaving the company a pure wind play. The recurring approach is to own and operate a geographically spread portfolio of wind and, now, solar farms, selling the electricity under long-term contracts to businesses and state utilities, and to constantly refresh that portfolio by building new capacity and repowering older turbines. # Business segments A single engine - renewable power generation - that sells electricity from its own wind and solar farms to commercial buyers and state grids, and is now systematically upgrading its fleet and adding solar to become a hybrid producer. ## 1. Wind and solar power generation: an independent power producer selling clean electricity under contract **The company makes money by generating electricity from its own fleet of 399 MW of wind and solar plants and selling it under long-term Power Purchase Agreements - it is an asset owner, not a trader or a technology provider.** - **Paid per unit of electricity sold** - revenue comes from long-term PPAs (Power Purchase Agreements) with roughly 45 customers, the large majority of which are industrial and commercial (C&I) buyers rather than state utilities; pricing is set customer-by-customer and location-by-location, while state utility sales use either Feed-in Tariff or Average Power Purchase Cost rates. - **The wind blows hardest from May to November** - generation is seasonal and weather-dependent, with the wind season typically starting by the end of May, so revenues and output are naturally higher in those months. - **Every project sits inside its own subsidiary** - the entire installed capacity is developed through subsidiary companies, which makes each project eligible for different off-take arrangements and helps the group comply with regulations across multiple Indian states and abroad. - **A deliberate mix of old and new turbines** - the company maintains a blend of older and newer assets to keep generation steady and consistent, with wind turbines sourced from Gamesa, Vestas and General Electric, and a useful life estimated at 22 to 27 years. ## 2. Fleet renewal and expansion: repowering old wind farms and building the first solar plants **The company is systematically replacing older turbines with larger ones and adding solar capacity - turning a pure wind fleet into a hybrid one while extracting more power from the same sites.** - **First solar plant commissioned in December 2025** - a 7 MW AC project in Tamil Nadu, built through subsidiary Delta Renewable Energy, operates under the Group Captive Model and supplies power to the subsidiary’s captive shareholders, marking the company’s entry into solar. - **Repowering older wind turbines with bigger machines** - the company has begun replacing 7.8 MW of older turbines under Tamil Nadu’s New Repowering Policy, and is evaluating all its other ageing wind assets for repowering either purely with wind or as wind-solar hybrids. - **New higher-capacity turbines already spinning** - during FY26, subsidiary Gamma Green Power added 9.9 MW of wind capacity using larger turbines: 6.6 MW received service connection in March 2026 and 3.3 MW in April 2026. - **More solar under construction** - 17.6 MW of solar capacity is being built and is expected to enter full production in the second quarter of the upcoming fiscal year. - **Equipment contracts already signed for the repowering push** - Clarion Wind Farm contracted Suzlon for three 2.1 MW turbines and Pioneer Wincon for two 750 KW turbines for its Devarkulam site, while Beta Wind Farm issued a Letter of Intent to Renfra Energy for two 3.3 MW turbines at Karur, all in Tamil Nadu. # Group structure and partners **The company operates through a web of subsidiaries - six direct and three step-down - that hold individual projects, isolate risk, and are now being simplified through mergers.** - **Beta Wind Farm is the workhorse** - this 74%-held material subsidiary holds 241.6 MW of installed wind capacity across four states, selling to corporate customers under a group captive scheme in Tamil Nadu and to state distribution companies elsewhere. - **The European arm is debt-free** - step-down subsidiary VjetroElektranaCrnoBrdo in Croatia, which runs the 10.5 MW wind plant, fully repaid its Euro loan from EXIM Bank in September 2023 and now carries no external loan obligations. - **A merger is underway to simplify the structure** - the Board has approved merging two wholly owned subsidiaries, Bharath Wind Farm (which provides O&M services) and Orient Green Power Europe (the Netherlands-based holding company), into the parent to cut costs and streamline operations. - **Promoter holding is consolidating but not changing** - in March 2026, the NCLT approved merging two promoter entities into SVL Limited, so the aggregate promoter stake remains at 24.38%, just held through fewer entities. - **The group has a history of pruning non-core holdings** - it exited the entire biomass business in FY2017-18, and has since sold or struck off subsidiaries in Andhra Pradesh, Sri Lanka and Maharashtra, plus disposed of an associate stake in Pallavi Power and Mines.