Oriana Power is a full-stack clean energy company that builds, owns and sells renewable power infrastructure - solar farms, battery storage and green fuels - across the entire value chain from generation to consumption. It started in 2013 as a solar installer and has since transformed into a gigawatt-scale platform, listing in 2023 and expanding into battery storage and green hydrogen in 2024. The recurring idea is sequential capital recycling: develop and build projects, sell them to long-term investors once they are operational, and use the proceeds to fund the next, larger wave of assets - a flywheel that turns capital every 18 to 24 months.
Business segments
Two engines at scale - solar power generation and battery storage - plus an emerging green-fuels bet and a biogas pilot, all built on the same EPC and development backbone that recycles capital from one to fund the next.
1. Solar generation: the cash engine that builds and sells power plants
It designs and constructs solar projects for clients, earns one-time fees, and also builds its own plants to sell electricity under 15-to-25-year contracts - then selectively sells those plants to recycle capital.
- Two ways to get paid - under the CAPEX (EPC) model, it acts as a single point of contact for the entire project lifecycle and earns one-time project revenue; under the RESCO/BOOT (IPP) model, it owns the plant and sells electricity on a pay-per-unit basis through long-term Power Purchase Agreements, generating monthly recurring revenue.
- Build, operate, then sell - it develops high-quality, bankable solar assets and selectively sells them to large financial institutions and strategic investors, turning capital every 18-24 months while retaining operations and maintenance contracts and performance-linked upside.
- Land bank as a competitive edge - it holds roughly 4,780 acres of land, strategically acquired near power evacuation substations to reduce transmission losses and speed up project development.
- Delivered at scale - it has completed 835+ MWp of solar projects to date, with 700+ MWp under execution, including one of the world’s largest floating solar projects at Maithon Dam in Jharkhand (order value close to INR 1,200 crore) and a 29 MWp open-access plant for a steel giant in Karnataka.
- Selective bidding protects margins - it hedges raw-material purchases at the time of order booking and deliberately avoids tenders where prices have become too aggressive, choosing not to win rather than compromise viability.
2. Battery energy storage: the growth engine that time-shifts renewable power
It builds large-scale battery systems that store excess solar and wind energy and release it during peak demand - a business where it has actually delivered on-ground capacity, not just won orders.
- Real delivery, not just announcements - the company notes that “other than very few - two or three players - no one has delivered on-ground capacity” of battery storage, and it has already commissioned and delivered BESS projects.
- Serving industry directly - in the last year it added roughly 200 MWh of BESS capacity under the commercial and industrial (C&I) segment, selling to factories and businesses directly rather than through government tenders.
- A growing order book - it has 1,000+ MWh of BESS under execution (directly awarded) and a pipeline of 3,000+ MWh, with project wins at state transmission utilities in Karnataka, Tamil Nadu and Telangana (50 MW/100 MWh each) and a 125 MW/250 MWh project for a Maharatna PSU in Rajasthan.
- Price discipline again - it chose not to win tenders where market prices fell to roughly INR 1.46 lakh per MWh per month, believing those bids may not be viable given lithium and commodity costs, versus its own lowest winning bid of roughly INR 2.16 lakh.
3. Green fuels: the future bet on hydrogen and ammonia
It produces green hydrogen, green ammonia and e-methanol for industrial users and export markets, anchored by a 10-year government-backed offtake contract.
- A 10-year anchor contract - it signed a Green Ammonia Purchase Agreement with SECI in March 2026 for 60,000 tonnes per annum at Rs. 52.25 per kg, with a total contract value of roughly Rs. 3,135 crore over 10 years; SECI provides payment security while Madhya Bharat Agro Products Limited is the end off-taker.
- Where competition is thinner - the company sees green fuels as a segment where “competition is not that high” and “technical expertise” is required, giving it room to build a position before the market crowds.
- Export ambitions taking shape - it is pursuing international offtake opportunities in Japan, Europe and the USA, and discussions are at an advanced stage for a joint venture in Egypt for a 100,000 MTPA e-methanol plant.
- Tied to the solar engine - it re-engages existing RESCO clients to present green hydrogen as a complementary technology, bundling solar power with hydrogen production for industrial customers with high energy demands and net-zero goals.
4. Compressed biogas: a small pilot in waste-to-fuel
It converts organic and agricultural waste into clean gaseous fuel, with a modest 21 metric tonnes per day of production capacity under construction.
- Early-stage diversification - the CBG business is one of four main verticals but remains small, with projects under construction that process organic waste into biogas and then compress it for use as clean energy.
Group structure and partners
A listed parent company with over 50 project-specific subsidiaries, a strategic partnership with a global infrastructure investor, and state government backing that de-risks expansion.
- SPV structure for each project - as of March 2025 the company had 53 subsidiary companies and 5 associate companies, with each special purpose vehicle holding a specific solar, BESS or green-fuels project; it incorporated 21 new subsidiaries during FY25 alone.
- A global capital partner - it entered a strategic partnership with Actis GP LLP (managing roughly USD 12.5 billion, now part of a USD 96 billion platform) to develop 1 GW of renewable assets with USD 100 million in equity commitment, with Oriana acting as the development and turnkey partner.
- Asset sales already in motion - the Board approved the sale of its 74% equity stake in two subsidiaries holding solar assets to Leo Energies Private Limited (an Actis group entity) for a revised enterprise value of INR 488.70 crore, while negotiations continue for the third subsidiary.
- State governments as enablers - it has signed MoUs with Rajasthan (INR 10,000 crore for integrated renewable energy solutions, with actions initiated for a 685 MW solar power plant and 104 MWh BESS), Madhya Pradesh (INR 5,000 crore) and Assam (INR 500 crore) for integrated renewable energy solutions.
- A subsidiary consolidation underway - the Board approved a proposed merger of seventeen wholly owned solar SPVs into a single fellow subsidiary, AAN Solar Private Limited, to simplify the group structure, subject to regulatory approvals.