Orient Green Power Co., the first renewable-energy company to list in India, plans to increase capacity by 38 percent as demand for cleaner electricity grows.
Operating capacity for wind-power and biomass projects will rise to 342 megawatts in the financial year through March 2012, the Chennai-based company said today in an e-mailed statement. That compares with 248.5 megawatts now, it said.
India is seeking investment in renewables to counter the rising cost of oil imports. The country, the world’s third-largest market for wind parks behind China and the U.S., requires power distributors and industrial users to get as much as 14 percent of their electricity from renewable sources.
Orient Green Power has completed its latest 18.7-megawatt wind farm in Tamil Nadu state and expects to start operating an additional 40 megawatts over the next few weeks, it said today.
The company, a unit of Shiram EPC Ltd., raised 9 billion rupees ($202 million) in an initial public offering in October.