Orient Green Power Company (OGPL) has received its board’s approval to transfer bulk of its biomass operations to its subsidiary. The company will transfer nine biomass assets to the subsidiary. The board has approved the sale at an enterprise value of Rs 275 crore. The transaction will be subject to the approval of shareholders, creditors and regulators.
The proposed move is expected not only to accelerate value-unlocking for shareholders, but also benefit the wind business, which has made substantial improvements.
Orient Green Power is the largest independent operator and developer of renewable energy power plants in the country based on aggregate installed capacity. The company’s portfolio currently includes biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
