Oriana Power bags Rs 5.2 Bn contract for 128 MW solar plant

12 Sep 2024 CW Team

The solar plant was anticipated to be commissioned within 12 months, enhancing Dalmia Bharat’s renewable energy capacity. Alongside the contract, DCBL had signed a Share Subscription and Shareholders Agreement (SSSHA) to acquire a 26% equity stake in TrueRE Surya Private Limited for Rs 4.4 billion, allowing DCBL to source solar power as a captive consumer for up to 128 MW. The transaction was expected to be completed within four to six months.

Anirudh Saraswat, Chief Business Officer at Oriana Power Limited, had reportedly remarked that this prestigious order from Dalmia Cement highlighted Oriana's growing recognition as a preferred renewable energy partner for major enterprises in the country. Oriana Power had earlier secured a ?247.88 crore contract from Bharat Petroleum Corporation Limited (BPCL) for a 52 MW ground-mounted solar project. With these new orders, Oriana now had over 570 MW of cumulative capacity under execution and had already delivered more than 240 MW of solar projects across India.

Additionally, the company had announced a strategic partnership with U.S.-based green hydrogen electrolyser manufacturer Splitwaters. Oriana was planning to commission a Giga-factory to produce electrolysers and Balance of Plant (BOP) modules, with an initial 500 MW capacity set to be operational by 2026, followed by another 500 MW in 2027.

Oriana Power Limited, through its subsidiary TrueRE Surya Private Limited, had been awarded a contract by Dalmia Cement (Bharat) Limited (DCBL) to build and operate a ground-mounted solar power plant in Tamil Nadu. The project, with a capacity of up to 128 MW, fell under the Open Access Captive solar power plant segment and was estimated to cost Rs 5.2 billion. Once completed, the plant was expected to generate 1,920 lakh units of electricity annually, significantly contributing to Dalmia Bharat Group’s RE100 commitment by 2030 and its goal of becoming carbon negative by 2040. The solar plant was anticipated to be commissioned within 12 months, enhancing Dalmia Bharat’s renewable energy capacity. Alongside the contract, DCBL had signed a Share Subscription and Shareholders Agreement (SSSHA) to acquire a 26% equity stake in TrueRE Surya Private Limited for Rs 4.4 billion, allowing DCBL to source solar power as a captive consumer for up to 128 MW. The transaction was expected to be completed within four to six months. Anirudh Saraswat, Chief Business Officer at Oriana Power Limited, had reportedly remarked that this prestigious order from Dalmia Cement highlighted Oriana's growing recognition as a preferred renewable energy partner for major enterprises in the country. Oriana Power had earlier secured a ?247.88 crore contract from Bharat Petroleum Corporation Limited (BPCL) for a 52 MW ground-mounted solar project. With these new orders, Oriana now had over 570 MW of cumulative capacity under execution and had already delivered more than 240 MW of solar projects across India. Additionally, the company had announced a strategic partnership with U.S.-based green hydrogen electrolyser manufacturer Splitwaters. Oriana was planning to commission a Giga-factory to produce electrolysers and Balance of Plant (BOP) modules, with an initial 500 MW capacity set to be operational by 2026, followed by another 500 MW in 2027.

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