Orient Green Power Company Limited has announced that its material step-down subsidiary, Clarion Wind Farm Private Limited, has entered into a significant contract for wind turbine supply. The Investment/Borrowing/Banking Committee of the Board of Directors of Clarion approved the agreement during its meeting held on April 17, 2026.

Contract Details

The contract has been signed with M/s. Pioneer Wincon Energy Systems Pvt Limited, a domestic entity, for the supply of 2 numbers of P57-750 KW Wind Turbine Generators (WTG). The total capacity of these turbines aggregates to 1.5 MW and will be used for re-powering the existing wind farm located at the Devarkulam site in Tamil Nadu.

Key Contractual Terms

Regulatory Compliance

The contract has been executed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III thereto. The disclosures have been made as per SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

The company confirmed that the contract does not involve any related party transactions, and neither the promoter, promoter group, nor group companies have any interest in the entity that awarded the contract. The agreement was signed and executed on April 17, 2026, between Clarion Wind Farm Private Limited and Pioneer Wincon Energy Systems Pvt Limited.

Orient Green Power Company Limited's step-down subsidiary Clarion Wind Farm Private Limited has received a positive rating outlook revision from India Ratings & Research Private Limited. The rating agency has enhanced the outlook to positive from stable while affirming the IND BBB- rating, reflecting expectations of sustained operational and financial performance in the near term.

Rating Actions and Facility Details

India Ratings took comprehensive rating actions on Clarion Wind Farm's bank loan facilities totaling Rs 821.9 million. The rating agency affirmed existing facilities while assigning ratings to additional limits.

The facilities are provided by HDFC Bank Limited and include cash credit limits of Rs 10 million and rupee term loans. The additional Rs 782 million facility is specifically earmarked for repowering of wind turbine generators in Nettur, Tamil Nadu, with Rs 197 million already disbursed as of March 31, 2026.

Operational Performance and Business Profile

Clarion Wind Farm operates 177 wind turbine generators with an aggregate installed capacity of 80.28 MW across Tamil Nadu. The project demonstrated resilient operational performance with an average net plant load factor of 15.25% during the trailing twelve months ended February 2026, compared to 13.69% in FY25 and 15.75% in FY24.

The company benefits from long-term power purchase agreements extending until 2039 with commercial and industrial customers in Tamil Nadu. The credit profile of power off-takers is characterized as moderate-to-strong with payment cycles below 15 days.

Financial Performance and Debt Structure

Clarion Wind Farm's financial metrics demonstrate strong operational efficiency and improving debt coverage ratios. The company's revenue and profitability have shown resilience despite wind resource variability.

The debt structure includes standard project finance features with cash flow waterfall mechanisms and restrictive payment conditions. The company maintains adequate liquidity with Rs 125.3 million in total liquidity as of December 31, 2025, covering approximately 10 months of debt servicing obligations.

Strategic Initiatives and Risk Factors

Clarion Wind Farm is undertaking repowering activities to replace aging wind turbine generators, some of which have operational history exceeding 25 years. The repowering initiative involves replacing existing 250KW capacity WTGs with wind-solar hybrid capacity to improve generation performance.

Key rating strengths include historical generation levels, firm offtake agreements, and the parent company's considerable experience in renewable energy. However, the ratings remain constrained by moderate operational risks, repowering-related uncertainties, and inherent wind resource variability risks.

The parent company Orient Green Power reported revenue of Rs 2,690 million and EBITDA of Rs 1,873 million in 9MFY26, with improved interest coverage of 4.2x compared to 2.7x in FY25. The group's total debt decreased to Rs 4,698.8 million as of September 2025 from Rs 5,368 million in FY25, following a rights issue of Rs 2,500 million completed in FY25.