OGP to set up biomass-based power plants
Oriental Green Power (OGP), the renewable energy generation company promoted by Chennai-based Shriram EPC, is investing Rs730 crore to set up biomass-based power plants as part of its strategic thrust on renewable energy in both the domestic and global markets.
The company plans to set up 146Mw plants at a cost of Rs5 crore each, with a majority of them to be ready by December 2010. OGP currently operates biomass plants with a total production capacity of 22 Mw. The company would fund the project through debt, which would constitute 70% and equity, comprising the remaining 30%.
Having already acquired 100 Mw wind farms in Tamil Nadu and Andhra Pradesh, Oriental is now in the process of acquiring wind farms with a capacity of 200 Mw which will then be revamped. The company has ramped up the capacity of its wind farm in TN to 95% from 60%.