Oriana Power Secures 75 MW Solar Power Project At Maharashtra

By Chitrika Grover/ Updated On Mon, Oct 21st, 2024

Uttar Pradesh-based Oriana Power secured an order to develop 75 MW solar power plant from Maharashtra State Electricity Distribution Company Limited (MSEDCL) at Maharashtra. MSEDCL seeks to implement feeder level solarisation under Component C of PM-KUSUM Scheme with land and transmission line.

The company has made a steady progress in the renewable energy segment as its earned revenue from its various solar energy portfolio. Oriana reported a revenue increase by 184.2% from Rs. 134.72 (Crores) in FY23 to Rs. 382.87 (Crores) in FY24.

Highlighting its growth in the past year, the company stated, “The Oriana Power now has 450 MW of solar projects installed and under execution, demonstrating our robust capacity for delivery and growth. Furthermore, one of our strong points post-IPO was the effective deployment of raised funds within a short period.”

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The company has set the target for 2026 under which it stated, “Oriana Power has set a target cumulative capacity of over 1000+ MW by FY26 under various models, including EPC. Specifically, for the EPC model, Oriana Power is aiming to setup multiple solar parks in major industrial states including Rajasthan, Haryana, Tamil Nadu, Uttar Pradesh and Maharashtra.”

The company has previously secured 128 MW solar project from Dalmia Cement for the construction/ development cost is 520 cr. project in the 12 months. The company secured this project from the open access segment in Tamil Nadu.

To undertake this project the Dalmia Cement (Bharat) Limited (DCBL), subsidiary of the Dalmia Bharat limited, has entered into Share Subscription and Shareholders agreement (SSSHA) to acquire 26.00% of equity share capital of Truere Surya Private Limited. This project aggregates to Rs.44,80,00,000 in one or more tranches to source solar power as a captive consumer for a capacity up to 128 MW located in the State of Tamil Nadu.