Dear Shareholders,
On behalf of the Board of Directors, I am pleased to present to you the
Orient Green Power Company Limited Annual Report for the financial year ended March 31,
2024.
Your Company is an Indian renewable energy-based power generation
company focused on developing, owning and operating renewable energy power plants.
Currently our portfolio includes wind energy, and we are planning to expand our capacity
by venturing into solar and hybrid models (comprising wind & solar). As of March 31,
2024, your company's aggregate installed capacity is 402.3 Mega Watt (MW).
FY 2024 was a moderate one in terms of wind availability witnessing a
marginal increase in turnover.
The EBITDA for the year is maintained at the same level for the year.
However, the operating EBITDA and PBT improved by 9% and 16% for the year. The improved
credit rating and refinancing enabled us to cut the interest cost by ~25%. Your Company
has also created a Debt Service Reserve Account (DSRA) of ~Rs. 69 crore which strengthens
our liquidity position.
In line with the future growth strategy, your company has initiated
component upgradation in certain identified windmills during the year and this exercise is
expected to be completed in the next fiscal, which is expected to improve the generation
in the years to come.
On behalf of the board and the company, I extend our gratitude for your
overwhelming support in subscribing to the rights issue of Rs. 230 crore. Our company is
in the process of launching another rights issue of equity shares ~Rs. 250 crore,
primarily to venture into the solar business and reduce debt. To start with, we plan to
develop a 39.6MW of solar capacity in two phases (19.8MW each), with Phase-I funded by the
rights issue proceeds and Phase-II by debt. This strategic move sets the stage for our
expansion in the solar industry. Additionally, we are exploring hybrid models combining
wind and solar to further enhance our presence and reach our targeted installed capacity
of 1GW in the years ahead.
We believe that these strategies will complement our vision and will
fuel the next phase of our growth. This strategy aims to capitalize on the expected demand
in the renewables sector.
On behalf of the Board and on my own behalf, I place on record my
appreciation and gratitude to our customers, shareholders, employees, government and
bankers for their continued support and the confidence they have reposed in the Company.