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Small-cap energy stock jumps 6% on capacity expansion plan

A smallcap energy firm, Orient Green Power said it is looking to expand into green energy by maximising its assets. It is exploring into Hybrid solutions and have a mix of Solar and Wind energy farms at their existing locations.

At the board of directors meeting, the company discussed various opportunities available in green energy worldwide. The Board also noted the progress on rights issue, and deliberated on enhancement of value to stakeholders.

“We are pleased to inform you that the Board of Directors of the Company at its meeting held today, based on the recommendation of the Board in their last meeting held on December 23, 2022, discussed the various options to consider the possibility of maximizing existing assets by exploring into Hybrid solutions and have a mix of Solar and Wind energy farms at their existing locations,” the company said in a regulatory filing.

The board of directors also discussed the prospects of business expansion up to 1 GW in renewable energy in the next two to three years.

“The prospects of business to expand up to 1 GW in Renewable Energy in the next two to three years was explained to the Board by Managing Director and further he confirms the appointment of consultant for comprehensive study including feasibility, financing and ramping up. The Board discussed and accepted the appointment of consultant and authorised officials of the company to sign the necessary agreements as may be required,” the filing said.

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As of June 2022, the company has a portfolio of 402.3 MW of wind assets spread across the states of Tamil Nadu, Andra Pradesh, Gujarat, Karnataka, and it also includes a small 10.5 MW to wind farm in Croatia.

The company counts United States based Bessemer Venture Partners and Olympus Capital Holdings Asia amongst its partners.

The stock was trading higher by more than 5% to 11.52, at the time of writing this copy.

It touched a 52-week high of 28.75 on January 12 , 2022 and a 52-week low of 6.80 on June 21, 2022. The stock is up 1.89, or 19.63%, in last 6 months, but has fallen 9.28, or 44.62%, in last 1 Year.

Orient Green Power Company reported robust net profit growth of 277% in the September quarter, QoQ. The company aims to expand upto 1 GW in Renewable Energy in the next to 2-3 years and govt’s strong focus on green & renewable energy provides great opportunity for company to become a key leading player in this segment in coming years, said Ravi Singh, Vice President and Head of Research at Share India.

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