Orient Green plans to raise funds via IPO

Bangalore: Orient Green Power (OGPL), a company in which Shriram EPC has about 40 percent stake, plans to raise around $177 million through an initial public offering (IPO). According to reports, Goldman Sachs, UBS and JM Financial, have been appointed merchant bankers for the issue.

OGPL is an independent renewable energy power producer in India. Today, it has a portfolio of 200 megawatts (MW) comprising 160 MW in wind power and 40 MW in biomass. The company intends to scale up this portfolio to 1,000 MW by 2013. The IPO is to raise funds for the effort. 

As of December 31, 2009, OGPL had a total installed capacity of 40 MW of biomass power projects in operation, a total estimated installed capacity of 74 MW of biomass power plants under construction, 187 MW of advanced development biomass projects and a portfolio of biomass pipeline projects under development, says the company's website.