Shares of Oriana Power soared up to 5.81 per cent to hit an intraday high of Rs 2,155 per share on Thursday, October 17, 2024.
The rise in Oriana Power’s share price came after the company said that it has been awarded a new contract aggregating to a 75MW(AC) Solar power plant worth Rs 375 crore from MSEDCL, Maharashtra.
In an exchange filing, Orianna Power said, “We are glad to inform you that our Company, Oriana Power Limited, has been awarded a new contract aggregating to a 75MW(AC) Solar power plant. The Contract, spanning over 25 years, underscores our dedication to long-term partnerships and the provisions of renewable energy services. We are pleased to announce that the project has been granted CFA (subsidy) of approximately Rs 78 crore that will be disbursed as per the terms and conditions of the order, further enhancing its viability and enabling us to deliver cost-effective solutions.”
Under the terms of the order, Oriana Power will work towards the implementation of feeder-level solarisation under Component C of the PM-KUSUM Scheme with land and transmission lines, etc.
Oriana Power said the project is expected to be completed in 12 months. Founded in 2013, Oriana Power Limited specializes in providing solar energy solutions tailored for industrial and commercial clients. Orinala Power’s operation encompasses two main areas, which include capital expenditure and renewable energy services. The CAPEX segment focuses on the engineering, procurement, construction, and operation of solar projects, including on-site installation like rooftop and ground-mounted systems, as well as off-site solar farms through open access.
Meanwhile, the RESCO model offers solar energy solutions on a build, own, operate, and transfer basis, allowing clients to benefit from solar energy without the upfront capital investment.
The total market capitalisation of Oriana Power is 4045.61 crore. NSE data showed.
