Chennai based Orient Green Power Ltd an associate company of Shriram EPC Group said that its targeting to set up wind power farms overseas having total installed capacity of 200 MW by 2013, with an investment of around USD 300 million.

Mr T Shivaraman vice chairman and CEO of OGPL said that "Currently we are setting up wind farms in countries like Sri Lanka and Croatia and in longer term looking towards Hungary and Czech Republic to have a total installed capacity of 200 MW overseas by 2013.”

Mr Shivaraman said that "We are setting up a 10 MW each wind farms in Sri Lanka and Croatia, which are expected to go on stream by March next year adding that another 50 to 60 MW projects could come up in Croatia and another 80 to 90 MW in Sri Lanka.

A company official said that the 200 MW of power generation projects overseas will attract an estimated USD 300 million. The company is tying up debt with banks for the sanctioned projects so far.

The company will enter capital markets with an IPO of equity shares of INR 10 each, aiming to raise INR 900 crore. The issue opens on September 21. It has fixed the price band for its IPO between INR 47 and INR 55 per equity share.

The proceeds from IPO shall be used to set up turbines at proposed wind parks overseas as well as in states of Tamil Nadu, Gujarat, Andhra Pradesh, besides repayment of INR 100 crore debt availed from IndusInd Bank.

Company official said that part of IPO proceeds shall be used for prepayment of existing debt availed from Yes Bank of INR 28 crore and Shriram City Union Finance Ltd of INR 20.19 crore.

(Sourced from ET)