Orient Green Power to expand in green energy sector

05 Jan 2023 CW Team

In order to make the most of its current assets, Orient Green Power Company, a member of the Shriram Group, is thinking about expanding its market into the green energy space.

The company announced that it would be looking into hybrid solutions and have a mix of solar and wind energy farms at its existing locations during its board meeting on December 23. The board also discussed about global opportunities in green energy. The government's emphasis on the renewable energy industry offers the business plenty of opportunities to diversify its holdings.

The board also took into account the updates on the rights issue's development along with an increasing value to stakeholders.

The company's managing director also discussed the business's potential to grow up to 1 GW in renewable energy over the following two to three years. The hiring of a consultant to conduct a thorough study that includes ramp-up, financing, and feasibility was also confirmed by the board.

One of the nation's biggest Independent Power Producers of Renewable Energy is Orient Green.

Ravi Singh, Vice president and Head of Research at share India stated, “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.”