Powerica is a distributed energy resource company, with a presence in the manufacture, installation and after-sales service of diesel generator sets, the lease, operation and maintenance of heavy fuel oil large-capacity (HFO) generator sets, and wind power.
The company currently operates five wind farms with an aggregate capacity 55.95 MW in the states of Gujarat and Tamil Nadu and has filed draft red herring prospectus (DRHP) with the market regulator SEBI for initial public offering. The issue consists of a fresh issue of Rs 6.5 billion worth of shares.
According to reports, Powerica recently entered into a memorandum of understanding with Vestas Wind Technology India Private Limited, a leading wind turbine generator manufacturer, to jointly implement up to 225 MW of additional wind farms over the next three years. Powerica will not receive any proceeds from the offer for sale while the proceeds of the fresh issue are proposed to be used for financing the construction and development costs of proposed 151.20 MW wind farm projects