Orient Green Power Company Ltd (NSE: GREENPOWER) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
T. Shivaraman — Managing Director and Chief Executive Officer
Analysts:
Amit Agicha — Analyst
Vipul Kumar Shah — Analyst
Vikas Singh — Analyst
Shweta BK — Analyst
Shivam Ashok Dama — Analyst
Yash Nisar — Analyst
Disha — Analyst
Puneet Arora — Analyst
Presentation:
operator
Good morning ladies and gentlemen and welcome to the earnings Conference call for Q3 and 9 month FY26 for Orient Green Power Company Limited. Orient Green Power Company Limited OGPL, headquartered in Chennai, is one of India’s leading independent renewable power producer. The company operates over 380 megawatts of wind power capacity across key Indian states and 10.5 megawatt wind farm in Croatia.
Also, the company developed a 7 megawatt solar capacity during current quarter. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the management discussion concludes. Should you need assistance during the conference call, please signal an operator by pressing star followed by zero on your touchstone phone. Let us now begin with the introduction of the management team we have with us today. Mr. T. Shivaraman, Managing Director and CEO of the company. I would now like to request Mr. T. Shivraman, Managing Director and CEO, to give his opening remarks and share company’s performance in Q3 and 9 month FY26 with the audience.
Thank you. And over to you sir.
T. Shivaraman — Managing Director and Chief Executive Officer
Thank you. Good morning ladies and gentlemen. We are pleased to welcome you to OGPL’s earning calls for the third quarter and nine month period ending FY26. Thank you for taking the time to join us and for your continued support to the company. Q3 has been strategically significant for the company. We successfully commissioned a 7 megawatt solar power project, the first solar power project in OGPL’s portfolio. And we have closed contracts for development of around 28 megawatts of additional greenfield capacity, around 18 megawatts of solar and 10 megawatts of wind. Both these should be commissioned by April May of 27.
Sorry, 26. Also from the debt side, the bulk of our debt has been upgraded to BBB which will enable us to further optimize our cost of borrowing and access capital at more competitive rates. In addition to the Greenfield capacity of 28 megawatts which is under construction, we have entered into a contract to repower around 6 megawatts of wind at one of our existing wind farms. This had a set of older assets which were not performing as well as we would like. And this 6 megawatt repowering is the first project under the newly approved Tamil Nadu repowering policy and it is definitely a milestone for the company.
We will be the first to commission under the new policy. We are currently involved in reviewing our other old wind assets to see which would come up for repowering going forward. I believe that this combined with our greenfield capacity will definitely strengthen our operating position and improve our operational efficiency and help us serve our customers better. These 23 initiatives together will add about 36 crores to EBITDA per annum on an ongoing basis. In terms of performance, our business is seasonal in nature, especially since we are until Q3 predominantly a wind company. A significant portion of our generation happens in the first half of the fiscal year and second half typically has lower generation.
Generation during the third quarter was more or less consistent with historical patterns. Operational stability was maintained quite favorably through the quarter. The first half had favorable wind conditions as well as improved machine availability which has positively impacted the profitability for nine months now. Quickly running through the financial highlights for Q3FY26 the total income was 40.06 crores and an EBITDA of 17.07 crores, broadly in line with the corresponding quarter in the previous year. Loss before exceptional Items reduced to 18.16 crores as against 21.81 crores in Q3FY25 which is an improvement of about 17%. Improvement is primarily due to reduction in interest expense.
For the nine months ended Q3 FY26 the total income increased by about 16% year on year basis to 268.95 crores. EBITDA rose by 14% year on year to 187.3 crores. Net profit grew by nearly 54% year on year to 88.13 crores. The improved performance during the current fiscal is largely attributable to favorable wind patterns and better wind machine availability during the winter season along with a decline in finance cost of over 20% supported by improved credit ratings, debt repayment and better financial management. The profitability was also supported by a one time refund of excess interest charged by our erstwhile lenders in previous prior periods.
With the growth and repowering of our initiatives briefed above, we remain aligned with our capacity with our strategy of deploying higher capacity turbines, expanding solar capacity and developing hybrid wind solar projects. This will allow us to build a more balanced, sustainable and future ready portfolio. Currently we operate 389megawatts of capacity comprising 382megawatts of wind and 7megawatts of solar with additional capacity and repowering underway. We are confident that our growth momentum will improve and we will return improved provide improved returns to our shareholders in the coming quarters. Overall, the first nine months of the current fiscal have been encouraging and we look forward to positive outlook going forward.
The regulatory environment has also been quite benign. We have had a good outcome in the Tamil Nadu repowering policy which stabilizes the outlook for our older wind turbines and allow us to continue operating our old turbines until they are ready for recovery. So thank you again for joining us and I look forward to your continued support. Now happy to take questions.
Questions and Answers:
operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants to ask a question. You may Press Star and one first question is from the line of Amit Agicha from HG Hawa Company. Please go ahead.
Amit Agicha
Good afternoon sir and thank you for the opportunity. Am I audible?
T. Shivaraman
Yeah, you are audible.
Amit Agicha
Yeah. Thank you sir. So what is the realistic roadmap and timeline to achieve the 1 GW capacity which is announced?
T. Shivaraman
Yeah, we are in conversations with a couple of people because obviously 1 GW by organic acquisition is going to take its own time. We are in conversations with multiple people but we are not yet at a stage where we can discuss with the with the public. So we are. I think you will probably hear something from us in the next couple of quarters.
Amit Agicha
And sir, can you share the what is the current consolidated debt equity ratio and the blended cost of interest post refinancing.
T. Shivaraman
So our current total Debt is just 1/2 is 507 crores at blended interest cost about 9.15%.
Amit Agicha
This is post refinancing, sir.
T. Shivaraman
Post
Amit Agicha
refinancing?
T. Shivaraman
Yeah, this post refinancing. This is the current status as of end of Q3. So the bulk of the debt is with Irida and we have some debt from HDFC and Cuba.
Amit Agicha
Until about the press issue I think so company or the subsidies about to come out with a press issue, right?
T. Shivaraman
No, no, we are not coming out any preface at the moment. There will be some preface you from Delta which is the subsidiary which holds the solar which will be holding the solar assets from the parent. So that is only from the parent and from group cap to customers. So we are not raising money from the public.
Amit Agicha
Okay. It is only from the parent company.
T. Shivaraman
Is only from the parent company and from the investors who will be buying power from us.
Amit Agicha
And the last question from myself. Yeah, yeah. So can you share om cost per megawatt in the trend if possible.
T. Shivaraman
See, O cost is per megawatt is a little difficult to look at because we have two sets of machines. The larger turbines which perform give us the bulk of our EBITDA have a relatively lower O and M. I mean per megawatt cost. Remember the lower O and M cost per kilowatt hour generated whereas the older turbines typically have a higher O and M cost. So our total O and M cost was about. If I take the last year fully, which is more, this thing is about 52 crores on a total capacity of about 380 megawatts.
So you can do the math. But that’s, that’s the overall figure.
Amit Agicha
Thank you sir. I will join back with you. Thank you. All the best.
T. Shivaraman
Thank you.
operator
Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and 1. Next question is from the line of Vipul Kumar Shah from Sumangal Investments. Please proceed.
Vipul Kumar Shah
Hi. Thanks for the opportunity. So can you give the details of this repowering scheme of Tamil Nadu means what type of support you are getting from the state for repowering and what type of yield improvement you see post this implementation of this scheme?
T. Shivaraman
Yeah, basically.
Vipul Kumar Shah
Yeah. So how many megawatts we are going for repowering?
T. Shivaraman
Okay. So the Tamil Nadu basically it is a life extension cum repowering policy which basically states that any turbine which is more than 20 years old which is within has reached the end of its original design life. There was, I mean there was a little lack of clarity as to whether those turbines can continue to operate. So today the repowering life extension and repower policy says that these turbines can continue to operate subject to being inspected by third party agencies and things to ensure that they are safe to operate both on a mechanical analytical side.
And there is an annual fee that we have to pay to the electricity board to allow the older turbines to continue to operate, which is a reasonable fee. We have no complaint about that fee. The second part of it is if the turbine owner decides to repower then there have been some concessions made in of terms terms of spacing between the turbines. So typically when a new turbine is or new set of turbines have to be installed, there is a requirement that the spacing between turbines shall be five times the diameter of the Turbo rotor seven times.
There are some ratios. So on repowering those ratios have been relaxed. So the turbines can be spaced a little closer, which from obviously from an operation point of view, it helps us put more turbines in the same area. And technically also, I mean, the old spacing requirement was too generous and too conservative. So this is more realistic. So these are the two. And plus there is a fee which has been determined for repowering. How much you have to pay for repowering the turbines in terms of performance improvement due to repowering, it varies depending on the performance of the old turbines.
To give an example, for the first asset that we are planning to repower, the PLF before repowering or the PLF current PLF in that asset was in the low single digits. I think we had about 6, 7% PLF only because they were very old turbines. We were keeping them alive because there was no policy to repower. So they were just kind of running. The new turbines that we are installing will have PLF north of in the order of 30% plus. But we are having less capacity than we had. So we have a 10 megawatt wind farm which we are installing only 6 megawatts of new turbines because space in that land is not available for more.
Once these stabilize, we will probably put solar in the balance land to meet up the 10 megawatt installed capacity. That also has been permitted in the repowering policy that any repowered wind project can automatically convert into a wind plus solar hybrid. So we are able to optimally utilize both the land that we have and the grid connectivity that we have have. So each of the other projects we are now analyzing to see what the current PLF is, what the new PLF will be after repowering, and whether the delta investment gives us an acceptable IRR to knock down the old turbines to repower.
Vipul Kumar Shah
So if I understood you correctly, this 10 megawatt older turbines will be replaced by six megawatt new turbines, which will give you PLF of approximately 30%, right, sir?
T. Shivaraman
Right.
Vipul Kumar Shah
So that will for this particular 10 megawatt asset, what can the realistically we can expect how much more EBITDA from the same asset.
T. Shivaraman
So we are looking at about 7 crores of EBITDA from 7% of cross of EBITDA from that 6 megawatts of new capacity.
Vipul Kumar Shah
And previously what, what was the EBITDA for that particular asset?
T. Shivaraman
Nothing much, because by the time we cover the OM cost and things like that, that was barely breaking even. So it was less than a crore.
Vipul Kumar Shah
And we will take more repowering initiatives. Post analysis of this. This project, right?
T. Shivaraman
Exactly. No, no, we will not see this project. We know what will happen. What will, what we will do is we are waiting for the policy to come out. The policy came out only last month. So we did not want to kind of invest because we had actually placed the advance on the vendors even before the policy came out because we knew the new policy was coming out, but we did not want to kind of overstretch that. So now that the policy has come, we will go each one. What we do is we look at the current ebitda, look at the projected EBITDA with the new capacity, investment in the new capacity and see whether my delta is giving me a decent irr.
If it is giving me a decent irr, we go ahead. If the current turbines are performing reasonably well and they are generating decent ebitda, fine, we will continue. Some locations repowering is not working out because there are other large turbines around. So what we call micro siting becomes a challenge. So then we have to. So it is a case by case, it is a side by side basis. We can’t take an overall broad decision across all our assets. But it now gives us that option to either repower or convert it to hybrid or both.
Vipul Kumar Shah
So this repowering means you have ordered new turbines when, when they are likely to.
T. Shivaraman
So repowering, we are hoping to commission that six megawatt in about. In by about June of this year. We have ordered three 2.1 megawatt turbines from Switzerland. So it’ll be actually 6.3 megawatts.
Vipul Kumar Shah
Three 2.1 megawatts.
T. Shivaraman
Yes, yes.
Vipul Kumar Shah
Latest offerings are three megawatts.
T. Shivaraman
That doesn’t fit in the location. See, basically repowering, you have to fit within the location land that you have and you have to see what are the other turbines that are there around and you have to maintain that spacing between turbines. So with that there is even a 5.1 megawatt turbine which has been offered to us. But that will not suit for a repowering location. Repowering we have to use 2 megawatt and below. In fact, 2 megawatt itself was a stretch. So it’s a little more complex because we are operating within. It’s like when you are doing a retrofit of an existing or refurbishment of an existing house.
What is there in the basic structure you cannot change, so you can only improve something. So but the 2.1 is a very, very good turbine. So it’s giving us Whatever PLF we want.
Vipul Kumar Shah
And last question out of our we have a portfolio of 380megawatts, right? So out of that 380megawatt how many megawatts qualify means needs to be replaced which is giving us much lesser yield.
T. Shivaraman
So around 45 megawatts has crossed 20 year life. So that we need to seriously look at for repowering out of which 10 megawatts we are rebounding now and the balance 35 megawatts has kind of passed its sell by date. But we have to. So we are now looking at the balance 35 megawatts as and when things change, I mean year on year more turbines will come into that bracket and we will keep looking at them. But now it’s, we don’t need to wait necessarily for 20 or 25 years. We can, we are looking at it on a continuous basis to see whether where repowering is possible and whether the IRR on the Delta investment makes sense.
Vipul Kumar Shah
So lastly this 35 balance 35 megawatt, they will be replaced within next one year or is that realistic? Or.
T. Shivaraman
I will not be able to because we are still doing the analysis. So I will not be able to kind of confirm whether all of it will replace some of it. We may continue to run because the turbines like an old car, they are still running smoothly and generating. And one site I know we are not able to do because the site is such that we are not able to install any larger turbines at all. So we may continue to operate these as long as they run and then maybe convert to solar because the access to the site is not suitable for the large turbines to come.
These all 250 kilowatt turbines with a 30 meter, 40 meter hub, I mean they’re tiny compared to the two, even the two megawatt turbine that we have.
Vipul Kumar Shah
So if I have heard you correctly, this new initiative of Solar Plus Wind will add 25 to 30 crores EBITDA. Right? And they will be commissioned in May, June, by June 26th. Yeah. Because the line was not clear at my end. So is that correct?
T. Shivaraman
Basically yeah. The new capacity of solar plus the new wind plus the repowered wind totally will add about 36 crores of EBITDA.
Vipul Kumar Shah
3 0, right sir?
T. Shivaraman
Yeah. 33 6.
Vipul Kumar Shah
Okay. Thank you sir. And I’ll rejoin the queue. All the best.
operator
Thank you. Participant, if you wish to join the question queue you may press star and one next question is from the line of Vikas Singh, an individual investor. Please proceed.
Vikas Singh
Hello.
T. Shivaraman
Hello.
Vikas Singh
Yes, my first question is how would. One should see its occurrence and impact on PAT going forward
T. Shivaraman
of which. Sir. Sorry, impact of what on Pat?
Vikas Singh
How would one see its in ach. Occurrence and impact on PAT going forward?
T. Shivaraman
No, see. Are you talking about the new capacity coming in or are you talking about generally the patient
Vikas Singh
new capacity coming in.
T. Shivaraman
So new capacity coming in will add, As I said, 36 crores of EBITDA net of. One second, I’ll just give you the number. Any other questions?
Vikas Singh
No, no, just this one.
T. Shivaraman
Yeah, yeah, one. Just one. Just give me a minute. I’ll give you the exact number.
Vikas Singh
Because this interest.
T. Shivaraman
So it will immediate impact on PBT will be about 10 crores. After providing for interest and depreciation. That. Will be more or less the same because we will have enough depreciation cover for not paying tax.
Vikas Singh
Okay, thank you.
operator
Thank you. Next question is from the line of Manit Agicha from HG Hawaiian Company. Please proceed.
Amit Agicha
Yeah, thank you for the war. Observe. So what is this projected capex for the FY27?
T. Shivaraman
Capex for? No, FY27. At the moment we have not made the full plans for capex. FY26 capex is more or less. This below will be there for FY27 for these 36 megawatts of capacity, which is a total of how much? About 240 crores. About 240 crores is what will be kind of carried through from the year. As far as FY27 is concerned, we are looking at certain fundraising options because the internal generation for CAPEX will not be that large. We had raised equity from the market for the solar project of 25 megawatts. The wind and the repowering has been financed with internal, mostly with internal resources.
Going forward we are looking at some fundraising possibilities. Once that is firmed up, we will work on the CAPEX for next year.
Amit Agicha
International exposure is expected to expand.
T. Shivaraman
No, that is an old asset that we had. We have not. So that continues to run. We have currently no plans to, I mean get exposed overseas.
Amit Agicha
And sir, can you share what is the current PLF on wind and solar? Both?
T. Shivaraman
Solar is. I mean this year has. I mean it was commissioned just in the last month of the last quarter. So it’s too early to talk about PLF for Solar. For the nine month period the PLF was about average of 22% for the. For the newer assets and about 17% for the older assets.
Amit Agicha
Thank you sir. All the best for the future.
operator
Thank you. Participants. To join the question queue you may press star and 1. Next question is from the line of Shweta BK from Equalian. Please proceed.
Shweta BK
I am audible.
T. Shivaraman
Yes,
Shweta BK
Yes. Thank you so much for the opportunity. So can you just give some idea on the project pipeline like when can we start the 7 megawatt solar power project?
T. Shivaraman
7 megawatt solar is already commissioned. The balance, balance. 18 megawatts of the solar is targeted to commission before May of this year. And the 10 megawatt of wind green field also we are targeting commission by April. May of this year. The 6 megawatt repowering should will go up to June.
Shweta BK
Okay, that’s great. That’s great. Thank you so much. And so if you can give idea on the turbine upgrade, they’ll be considered like are we considering the older winner sets to be repowered?
T. Shivaraman
Yeah. So as I said earlier, there’s about 40 megawatts of old wind capacity which needs to be. Which can be repowered or more of it can be repowered. But this is which is kind of ripe for repowering. We are in the process of analyzing to figure out whether repowering makes economic sense. And wherever it makes economic sense we will go ahead and repower. But we have not yet come to that stage yet because we are waiting for the final shape of the repowering policy which has come out last month. So based on that we will go ahead with the analysis.
Shweta BK
Okay, so we’ll be able to take advantage of the policy, right?
T. Shivaraman
Yes, yes, yes.
Shweta BK
Okay, that’s great. And that will be reflected in which quarter? So.
T. Shivaraman
No, the repowering, see the. Whatever we are already doing will start reflecting in starting from Q2 of next year. And the further capacity if we do it will take. It will take 8, 9 months for the new project to come up anyhow. So if we do any further repowering, we are looking at probably only in FY27 for it to start seeing some actions.
Shweta BK
Okay, that’s it. And so just can you give a guideline on the next three to five year vision that you are having for the company?
T. Shivaraman
See, we are looking. I mean I think it’s a little premature. We definitely want to become a gigawatt size company. We have certain projects and thought processes which are in progress but the details we can’t share with you until we are clear and we are ready to take it to the shareholders. This.
Shweta BK
That’s great. So I like your clarity and your honesty. Thank you so much and good luck.
T. Shivaraman
Thank you.
operator
Thank you. Next question is from the line of Vipul Kumar Shah from Sumangal Investments. Please Proceed.
Vipul Kumar Shah
You said sir, new assets have PL of 20%, 22% and oldest 16 70%. So what is the old capacity and what is the new capacity?
T. Shivaraman
The new capacity is about 40 megawatts.
Vipul Kumar Shah
Rest all is old capacity.
T. Shivaraman
Rest all is older capacity.
Vipul Kumar Shah
Okay. Thank you.
operator
Thank you. Next question is from the line of Shivam Ashok Tomato, individual investor. Please proceed.
Shivam Ashok Dama
Good afternoon, this is. I’m from Bombay. Basically I would like to know the pledge which are done. 100% pledge by the promoter. Because of which we are not getting a good valuation. Is there any chance of unplugging by the promoters?
T. Shivaraman
I think the target is to get them unpledged sometimes before first before middle of next month.
Shivam Ashok Dama
Okay, sir. Done. Thanks Ram.
operator
Thank you. Participants, to join the question queue you may press star and 1. Next question is from the line of Yash Nisar, an individual investor. Please go ahead.
Yash Nisar
Hello. I’m audible.
T. Shivaraman
Yes.
Yash Nisar
Yeah. So my question is can you please help us understand the reasons for the subdued performance in the third quarter of FY26?
T. Shivaraman
Yeah. So basically we are as of now almost 100% a wind power company. So the wind is in India is seasonal. So you have maximum wind in Q1 and mostly in Q2. Q3 and Q4 are typically low wind. So if you compare it with the same quantity last year you will find the numbers are more or less the same. So the generation is more or less the same. As the 25 megawatts of solar comes in. You will have a little more generation happening in Q3, Q4 from solar. But until that starts kicking in, you will always find this Q1, Q2 will be heavy and Q3, Q4 will be relatively kind of muted.
That’s part of life.
Yash Nisar
Okay. So you mean that major generation happens in the first half.
T. Shivaraman
Yes, exactly.
Yash Nisar
Yeah. Okay. Okay. Okay. Thank you.
T. Shivaraman
We are dependent on.
Yash Nisar
Sorry.
T. Shivaraman
We are dependent on why you. Bhagawan.
operator
Thank you. Participant, if you wish to ask a question, you may press star and 1. Next question is from the line of Disha, an individual investor. Please go ahead.
Disha
Hi, good afternoon. I would like to understand that what is the current net debt of the company and equity ratio of it?
T. Shivaraman
So net debt is about 507 crores.
Disha
Okay.
T. Shivaraman
And debt equity is more or less two stone. There is two times equity to debt.
Disha
Okay. So what are your plans to reduce loan and finance cost further?
T. Shivaraman
No, loans will continue. Actually next quarter loans will increase somewhat because we will be drawing down loans for the new capacity. So we will be drawing down about 120 crores of debt for the new wind capacity. So it will go up a little. But I mean that’s part. As part of the renewable energy business. That’s our lifeblood. We have to borrow money to. To put up new assets. In terms of interest costs, we are down to. We are at about 9.15. We have recently got a rating upgrade. So we are negotiating with our lenders to see whether we can save some money on the interest and also looking at certain refinancing and other possibilities.
So that will. That. That work will continue.
Disha
Okay. And I want to understand your expansion plan for the euro.
T. Shivaraman
So we have no expansion plan for Europe.
Disha
Sorry.
T. Shivaraman
We have no expansion plan for Europe. We have one asset there. We will continue to operate it and that’s it. We have no plan to really go further in Europe. We are concentrating on India.
Disha
Yes, thank you.
operator
Thank you. Participants, to ask a question, you may press star followed by one on your touchstone telephone. Next question is from the line of Puneet Arora, an individual investor. Please go ahead.
Puneet Arora
Hello.
T. Shivaraman
Yes.
Puneet Arora
Good morning, sir.
T. Shivaraman
Morning.
Puneet Arora
This year was one of the best for the company in terms of the cash flows, right?
T. Shivaraman
Yes.
Puneet Arora
And do you think next year should be better same or like how do you think the next year is going to be?
T. Shivaraman
Difficult to say. Whatever we hear from the meteorologists indicate that next year the monsoon will be more or less okay. And if the monsoon is okay, we will also be okay. Okay. So we are dependent on the weather from whatever we can do operationally in terms of the machine maintenance, in terms of.
In the reduction in interest cost, all that stuff we have done. But we have no control over how the wind will behave in the next season. This year was a slightly above average wind season. Next year we will see how it goes. Current indications are okay. We are not seeing anything negative towards the monsoon or the wind as of now. But we will have to wait.
Puneet Arora
Next question was. Sir, we just got one this improvement in the rating. So by when do you think we should give you the company will get reduction in interest costs.
T. Shivaraman
We are talking to the banker. We’ll see. We’ll have to see. They have to give us.
Puneet Arora
Okay. All right, sir, thank you. Thank you.
operator
Thank you. Next question is from the line of Amit Agicha from HG Hawaiian company. Please go ahead.
Amit Agicha
So would it be possible for you to share select what will be the total capex required for one GW? Because right now we are 380. So till now what is the capex that we have done already? And to reach 1 GW, how much more Capex will be needed.
T. Shivaraman
As I told you, we cannot reach 1 gigawatts in a reasonable time frame if you’re doing only Greenfield. So there will have to be some step change that we are, we are working on it. But so, and it depends on what should we say. Today your solar per megawatt is costing you Greenfield about five, five and half crores per megawatt. Wind is today actually much more expensive. It is going up to almost 7 and a half to 8 crores a megawatt of course with much higher PLF. So that’s the kind of order of magnitude if we are going for a greenfield acquisition, our greenfield asset, if you go brownfield, it’s a different ball game and that’s the conversations that are happening.
Amit Agicha
Thank you sir, thank you. Thank you so much. All the best. Thank you.
operator
Thank you. Participants, if you wish to join the question queue you may press star and 1. Next question is from the line of Shivam Ashok Tumma, an individual investor. Please proceed.
Shivam Ashok Dama
Hello. Good afternoon sir.
T. Shivaraman
Good afternoon.
Shivam Ashok Dama
I just now said there is no plan, expansion plan for the euro. Are you making any profit from that Europe?
T. Shivaraman
Yeah, the European asset is running itself. It is making some profit for us. So last nine months I think we had about, about 1 crore, 1 million units generated. 1 million units generated. And about what is the. We had about €800,000 of EBITA in the last year, which is about 800,000.
Shivam Ashok Dama
Yeah, eight like euro into hundred, say 80 crore.
T. Shivaraman
No, no, eight crores. Eight crores.
Shivam Ashok Dama
Eight crores.
T. Shivaraman
See we tried to sell that asset sometime back but unfortunately when we don’t own 100% of that asset, we have a local partner who owns 49%, we own 51%.
So together we have to sell. So we have had some conversations, but it’s not progressing. The asset is not large enough that any large banker is interested to sell it. So we did make a few attempts but then we said, okay, let it just run. It’s paid off its debts, it’s slowly paying us back whatever we had invested in it.
Shivam Ashok Dama
In fact our companies invested hell of a lot of money in the last 20 years in the same assets, right?
T. Shivaraman
No, no, no, no, no, no, no. We have not invested big money in that asset.
We actually invested much more in. In. We had a. It was in Croatia. So we put in a 10 megawatt wind farm where. And we had a promise of license for another 60 megawatts. Unfortunately that 60 megawatt license did not come. So from that point of view it didn’t make sense for us to kind of. I mean, at 60, 70 megawatts, it makes sense to be in a country and 10 megawatts, it really doesn’t make sense. But since the local partner is taking care of things and he is fairly straightforward from that point of view, there’s no.
Shivam Ashok Dama
Thank you. Thank you.
T. Shivaraman
Not worth the effort trying to sell it.
Shivam Ashok Dama
Thank you very much.
operator
Thank you. Ladies and gentlemen, to ask a question, you may press star and one. As there are no further questions from the participants, I would now like to hand the conference over to Mr. T. Shivaraman, Managing Director and CEO, for the closing comments. Over to you, sir.
T. Shivaraman
Thank you all for joining us for this call and thank you for your participation. Thank you for your support to ogpl and we look forward to hearing speaking to you during the next annual conference call. Thank you all. Have a great day.
operator
Thank you very much, sir. Ladies and gentlemen, on behalf of Orient Green Power Co. Ltd. That concludes today’s session, thank you all for joining us. And you may now disconnect your lines.