Oriental Green Power (OGP), a renewable energy generation company promoted by Chennai-based Shriram EPC, has achieved Rs 400-crore financial closure for six bio-mass based power plants.
The company was planning to invest around Rs 1,100 crore in eight projects, of which financial closure for six projects has been achieved.
What’s interesting about the financing is that a majority of lenders are public sector banks, with the only private sector bank being Yes Bank.
OGP has set a target to set up bio-mass based power plants, with a generation capacity of 130 Mw by March 2010. The company expects about 20 per cent of its business to come from bio-mass power.