India's Orient Green raises USD 38m through share issue
Wind turbines in India. Featured Image: OlegD/Shutterstock.com
Indian renewable energy firm Orient Green Power Co Ltd (BOM:533263) has raised INR 2.5 billion (USD 37.7m/EUR 33.4m) from existing promoters Shriram Venture Ltd and other financial investors.
Investment bank Equirus Capital announced the fundraise on Wednesday, saying that it served as exclusive advisors to Orient Green and Shriram Group.
“The investment will enable the company to augment its wind energy capacity and to reduce its interest outgo and outstanding debt,” Orient Green’s managing director S Venkatachalam commented. The firm operates 428 MW of wind farms and 106 MW of biomass power plants in India.
Including the latest transaction, Shriram Group has invested a total of INR 5.5 billion in the renewables venture over the last five years. Other participating investors include EW Special Opportunities Fund II Pte Ltd, Ecap Equities Ltd and Edelweiss Financial Services Ltd.