### **Company Overview** Orient Green Power Company Limited (OGPL), headquartered in Chennai and promoted by SVL Limited, is one of India’s largest independent renewable power producers. Founded in 2006, the company previously operated both wind and biomass projects but exited the biomass business in FY2017–18 due to unviable fuel costs. Since then, OGPL has focused exclusively on wind energy, with growing ambitions in solar and hybrid (wind-solar) energy projects. OGPL operates as a decentralized, subsidiary-based structure with all consolidated revenue generated through its operating SPVs across India and Europe. Its strategic vision is to become a **1-gigawatt (GW) renewable energy enterprise** within the next few years through organic development, acquisitions, and hybrid project integration. --- ### **Operational & Geographical Footprint** As of November 2025: - **Wind Capacity**: 382.3 MW (down from 402.3 MW previously reported due to asset optimization or strategic disposal; reconciliation may be required with earlier disclosures). - Domestic: Tamil Nadu (291.0 MW), Andhra Pradesh (70.4 MW), Gujarat (29.2 MW), Karnataka (1.2 MW) - International: 10.5 MW wind farm in **Croatia**, owned through step-down subsidiary Vjetro Elektrana Crno Brdo d.o.o. (50.96% stake) via Orient Green Power (Europe) B.V. (Netherlands). - **Solar Projects (Under Development)**: 25 MW AC - 7 MW expected to be commissioned by **December 2025** - Remaining 18 MW targeted for completion by **June 2026** - Key operating subsidiaries: Beta Wind Farm Private Limited (BWFPL), Clarion Wind Farm Private Limited, Gamma Green Power Private Limited, and European entity Vjetro Elektrana Crno Brdo d.o.o. The company benefits from: - **Geographic diversification** across high-wind-potential Indian states and international presence in Europe. - **Access to mature markets** with favorable wind patterns and transmission connectivity, especially in Tamil Nadu. - **Decentralized model** suited for scalability and regulatory flexibility. --- ### **Business Model & Market Positioning** OGPL functions primarily as a **Commercial & Industrial (C&I) power generator**, selling electricity directly to private sector consumers via: - **Short-term Power Purchase Agreements (PPAs)** – typically 3–5 years, used for captive power needs. - **Long-term PPAs** (up to 25 years) – with state utilities under Feed-in Tariff (FIT) or APPC rate mechanisms, ensuring stable off-take and revenue visibility. #### Customer Base (as of Mar 2024): - **45 customers**, majority being C&I clients. - Only **2 state-owned utility customers**. - Top 5 clients contributed **52%** of FY2023–24 revenue; top 10 accounted for **79–84%**, indicating high customer concentration risk. - Major industries served: Automotive, Pharmaceuticals, IT, and Industrial sectors — low counterparty risk due to strong credit profiles. - Average receivables collection period: **12 days**, signaling strong cash flow efficiency. #### Revenue Composition (FY2023–24): - ₹27,188 lakhs consolidated revenue. - **Tamil Nadu** alone contributed **71.85%** of total revenue (up from 56.55% in FY2022), indicating increasing regional concentration. - Croatia project contributed ~₹191 lakh units sold in FY2023–24. --- ### **Growth Strategy & Expansion Plans** #### **Capacity Expansion Goal: >1 GW** - OGPL aims to achieve over **1,000 MW** of combined installed renewable capacity in the near term, driven by: - Repowering existing wind assets. - Development of new greenfield wind and solar projects. - Strategic acquisition of operational renewable assets. - Entry into hybrid (wind-solar) models to maximize use of existing land and transmission infrastructure. #### **Solar Expansion via Delta Renewable Energy Private Limited** - Wholly owned subsidiary **Delta Renewable Energy Private Limited** was formed in November 2023 to lead solar initiatives. - Plans to develop **39.6 MW AC (58 MW DC)** solar capacity in two phases: - **Phase 1**: 19.8 MW AC (25 MW AC revised) at estimated cost of **₹1,435 crores (₹14,350 lakhs)**. - Funded through proceeds from a rights/public issue. - EPC contractor: **Solon India Private Limited** (subsidiary of German SOLON Group). - Land identified in **Pernambut (Vellore)** and **Valapandal (Ranipet)**, Tamil Nadu; final site pending due diligence and acquisition. - Targeted commissioning: Next fiscal year (FY2026). - **Phase 2**: 19.8 MW AC to be debt-financed using assets and cash flows from Phase 1 as collateral. > *Note: Originally planned at 19.8 MW, the first phase has been upgraded to 25 MW without increasing budget, indicating improved project economics.* --- ### **Technology & Operational Excellence** - Proven expertise in **site selection, turbine deployment, and generation efficiency**. - Conducts in-house feasibility studies based on wind speed, topography, land access, and environmental factors. - Uses turbines from leading OEMs: **Vestas, GE India, Suzlon, Gamesa, Enercon, NEG Micon, Leitwind**. - Maintenance conducted via: - In-house teams (e.g., at Bharath Wind Farm Limited) - Third-party service providers (Suzlon Global Services, Vestas, Siemens Gamesa, Renom Energy) - Replacement parts sourced locally or directly from OEMs. - Construction timeline: ~45 days per unit post-groundbreaking; 9–10 MW/month per location. --- ### **Strategic Initiatives & Regulatory Advantages** - **Repowering Initiative**: - Organic wind growth constrained by land and grid bottlenecks in Tamil Nadu. - Regulatory hurdles resolved — poised to begin **replacing older turbines with high-efficiency models**, leveraging existing infrastructure. - Offers cost-effective expansion path. - **Hybrid Projects**: - Plans to integrate solar into existing wind sites to optimize transmission infrastructure. - Benefits from **legacy transmission rights and year-long power banking privileges** — a key competitive advantage, as new projects are limited to monthly banking. - **International Expansion**: - European experience via Croatia project serves as a springboard. - Target markets: Regions with favorable incentives, tax benefits, and strong returns – including parts of South Asia and Eastern Europe. --- ### **Corporate Governance & Promoter Background** - **Promoter**: **SVL Limited** – an investment and industrial promotion entity with experience in non-conventional energy, though limited direct solar track record. - **Key Executive**: **T. Shivaraman** (Director since 2010) – over 20 years’ experience in renewables; instrumental in scaling current operations. - Company relies heavily on promoters and directors for strategic direction. --- ### **Recent Developments (2024–2025)** - **Dispute Resolution**: Long-pending payment dispute with Andhra Pradesh government (₹100+ crores delayed) resolved, reducing financial strain and interest overhang (₹50–100 crores saved). - **Debt Refinancing**: Completed at lower rates, improving financial stability. - **Rights Issue Raises**: ₹230 crore raised (Jun 2024), with additional ₹250 crore planned to fund solar entry and reduce leverage. - **Croatia Operations**: Steady performance; contributes modestly to overall revenue but supports international footprint and brand value.