Orient Green Power completes revised 24.6 MW AC solar target

Orient Green Power Company Limited completed its revised 24.6 megawatt alternating-current (MW AC) solar capacity objective when its 17.6 MW AC project was commissioned on September 22, 2026, following a 7 MW AC plant commissioned in financial year 2025-26. Incidental project activities and final engineering, procurement and construction settlement remain underway.

How did Orient Green Power complete its 24.6 MW solar objective?

Orient Green Power completed the revised 24.6 MW AC solar objective through two commissioned plants: a 7 MW AC project in FY 2025-26 and the 17.6 MW AC project commissioned on September 22, 2026. Together, the two projects equal the capacity limit that the board approved for development under the rights-issue object.

Orient Green Power had initially increased the planned solar capacity from 19.8 MW AC to 25 MW AC, with implementation through subsidiary Delta Renewable Energy Private Limited. The company subsequently restricted the capacity under the stated object to 24.6 MW AC after the board reviewed project status, making the September 2026 commissioning the final capacity required for that objective.

Orient Green Power said incidental activities associated with the 17.6 MW AC project were still underway as of September 30, 2026. The company will settle the agreed consideration under the engineering, procurement and construction, or EPC, contract after those activities are complete, distinguishing commissioning on September 22 from final contractual closure.

What changed in Orient Green Power's solar project plan?

Orient Green Power changed the solar plan from a single 19.8 MW AC project to a 25 MW AC project, before revising and restricting the rights-issue objective to 24.6 MW AC. The company also changed the project location and chose multiple contractors and locations rather than the original implementation approach.

The final 24.6 MW AC objective is 4.8 MW AC above the original 19.8 MW AC plan but 0.4 MW AC below the interim 25 MW AC plan. Orient Green Power disclosed that it entered an EPC contract specifically for the 17.6 MW AC plant after commissioning the earlier 7 MW AC project, splitting delivery across two facilities.

Delta Renewable Energy Private Limited is the subsidiary through which the revised solar development was to be undertaken. During the half year ended September 30, 2026, Delta allotted 2,21,92,427 shares to Orient Green Power and 95,11,040 shares to other subscribers in the fourth and fifth preferential-issue tranches; Orient Green Power's ownership reduced from 100% to 70% after all tranches.

How much of Orient Green Power's rights issue remained unspent?

Orient Green Power had used Rs. 228.56 crore of its Rs. 250 crore rights-issue proceeds for issue objects and expenses by September 30, 2026, leaving Rs. 21.44 crore unspent. The balance was held in fixed deposits with banks by Orient Green Power and Delta as of that date.

Orient Green Power allotted 19,23,07,692 equity shares in the FY 2024-25 rights issue at Rs. 13 per share, including a face value of Rs. 10 per share. The allotment occurred on September 20, 2024, and the shares began trading on BSE Limited and the National Stock Exchange of India Limited on September 27, 2024.

Orient Green Power said that unspent proceeds earmarked for the solar object, if any, may be used for general corporate purposes after the 17.6 MW AC project's incidental activities are completed and the EPC consideration is settled. This is a stated potential use of the residual amount, not confirmation that the entire Rs. 21.44 crore will be available after final settlement.

How was Orient Green Power's Delta solar project financed?

Orient Green Power kept the overall Delta project cost unchanged at Rs. 143.50 crore while changing the mix of equity and loan funding. The revised plan limits Orient Green Power's equity infusion into Delta to no more than Rs. 31.52 crore, with the remaining funding to be provided as loans.

The former plan contemplated equity infusion of Rs. 98.50 crore and loans of Rs. 45 crore, or Rs. 143.50 crore in total. The disclosed change therefore alters the funding route rather than the stated overall project cost, while the source does not specify the final amount of loan funding or the precise residual rights-issue balance after EPC settlement.

Delta's revised capital structure also affected the consolidated presentation of outside shareholders' funding. As of September 30, 2026, Rs. 13.29 crore of equity share capital contributed by other Delta shareholders was included as non-controlling interest in Orient Green Power's consolidated unaudited results under the group's accounting policy and Delta business model.

What other capacity projects does Orient Green Power have underway?

Orient Green Power's subsidiary Gamma Green Power Private Limited commissioned 9.90 MW of wind capacity through three 3.30 MW wind turbine generators in Tiruchirappalli district, Tamil Nadu. Gamma entered the EPC contract on February 2, 2026 at an estimated Rs. 85.05 crore; two turbines were commissioned in the quarter ended March 31, 2026 and the third in the quarter ended June 30, 2026.

Beta Wind Farm Private Limited received approval on September 17, 2026 to enter an EPC contract for two 3.30 MW turbines, aggregating to 6.60 MW, in Karur district, Tamil Nadu at an estimated Rs. 62 crore. One turbine is expected to be commissioned by December 31, 2026 and the second by January 31, 2027, subject to regulatory approvals.

Separately, Clarion Wind Farm Private Limited is repowering part of its Devarkulam wind farm with 6.3 MW of turbines costing an estimated Rs. 32.87 crore, plus supervisory and commissioning work estimated at Rs. 4.85 crore. Clarion also contracted for 1.5 MW of additional repowering at an estimated Rs. 8.61 crore on April 17, 2026; the company expects these initiatives to finish by December 31, 2026, subject to approvals.

Conclusion

Orient Green Power has reached the revised 24.6 MW AC solar capacity target attached to its rights-issue object, combining the 7 MW AC FY 2025-26 commissioning with the 17.6 MW AC commissioning on September 22, 2026. The target evolved from 19.8 MW AC to 25 MW AC before being restricted to 24.6 MW AC, while the stated Delta project cost remained Rs. 143.50 crore.

The next disclosed milestone is completion of the 17.6 MW AC project's incidental activities and settlement of its EPC contract, which will determine what earmarked rights-issue proceeds remain for possible general corporate purposes. Investors can also watch Beta's expected 6.60 MW wind-turbine commissioning by December 31, 2026 and January 31, 2027, and Clarion's repowering target of December 31, 2026, all subject to regulatory approvals.