Mumbai-based Oriano has more than INR 300-crore contracts in hand for setting up 350+ MWp of utility-scale solar projects across various states in India.
“Out of this, orders for 125 MWp of projects in open access (OA) mechanism were closed last year (FY 2020-21) itself. However, the execution got delayed due to Pandemic. The balance capacity was bagged this year,” Lokendra Singh, business head–EPC business and co-founder-development division, told pv magazine.
With the pandemic subsiding, the company has now seen a sharp rebound in the business. Its order book has increased to 350+ MWp with a mix of Opex and Capex projects. The capacity includes 125 MWp in developer mode.
“We are seeing increased interest in commercial and industrial open-access segment. We being directly engaged with corporate consumers with their energy needs, are able to deliver bankable power purchase agreements along with speedy delivery of the project due to in-house development and EPC capabilities,” said Singh
In development business, Oriano said it recently won 70 MW of commercial and industrial solar capacity in the Indian state of Uttar Pradesh and signed corporate power purchase agreements for 55 MWp in Karnataka and Maharashtra with AA-rated clients. The company stated it has created 175 MWp of projects in shovel-ready status.
Founded in 2015, Oriano has a 700+ MWp of solar development and EPC projects installed and under execution, with consumer list including Honda, Bosch, Bajaj Auto, Amway, Cipla, Tata Communications, First Solar (USA), Aditya Birla Renewables, Solarpack (Spain), Downing (UK), Technique Solaire (France), HAL, and HPCL, among others. SIDBI Venture Capital is an equity investor in the company and the company has recently raised debt INR 15 crore from Caspian Impact Investments and Northern Arc.
“With this additional 350+ MWp, we are targeting a portfolio of 1+ GW by 2022. Moving forward, we are looking to partner captive customers across sectors looking to adopt solar energy. Additionally, we are in discussions with new partners to fuel our growth,” Lokendra added.
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