Orient Green Power Company Limited (NSEI:GREENPOWER) is planning to divest its stake in 5-6 non-performing biomass units in order to refinance debt and raise equity for other profitable ventures. Speaking to CNBC-TV18, S Venkatachalam, Managing Director of Orient Green Power said, we are in the process of divesting some of our entities in the biomass segment and with this divestments we will be able to get some equity which will be able to run the other biomass units. Out of a total of about 12 biomass units, about five to six biomass units we are looking at selling those units so as to be able to run the other biomass units which are quite profitable.

The recent one which we did was Pallavi Power which is basically a hydro unit. There was not much activity; we are not really looking at hydro at this point in time but looking at divesting and consolidating the biomass segment itself. We are looking at, at least five to six units that we have in our portfolio in the next six months.

So, we are working out the valuations, etc, we have already signed some MoUs and as we go along we will be able to give you details on the valuations. However, there is some amount of good valuation available for some of the biomass units.