As business rebounds, Oriano bags more than 350 MWp of Solar Projects
Jul 12, 2021
Mumbai (Maharashtra) [India], July 12 (ANI/BusinessWire India): Oriano starts construction of 350+ MWp of utility scale solar projects across various states in India. Oriano has been a key development partner extending services from Lead origination, PPA/SHA acquisition, Land due diligence, Land acquisition, Connectivity, EPC of the project & Asset management on a turnkey basis, thus creating a win-win proposition to all the stakeholders. With this, Oriano's order book now exceeds INR 300 crore.
With margin pressures in the EPC business for the last few years, Oriano has increased its offerings with forming of Development division.
Lokendra Singh is now the Business Head - EPC business and Co-founder - Development division. In Development business, Oriano has recently won 70 MW of allocation in the state of Uttar Pradesh for C&I customers and closed corporate PPAs of 55 MWp in Karnataka and Maharashtra with AA rated clients. Oriano has created 175 MWp of projects in shovel-ready status. Additionally, Oriano won couple of projects in the captive capex segment. Oriano is executing the project with a scope of Development, Engineering, Procurement, Construction, and Operation & Maintenance.
Lokendra said, "We had won 125 MWp of projects in Open Access (OA) mechanism last year, however, due to COVID-19 pandemic, these projects PPA / SHA closure got delayed. We have now seen a sharp rebound in the business and our order book has increased to 350+ MWp with mix of Opex and Capex projects. We are seeing increased interest in Commercial & Industrial (C&I) Open Access Segment and we being directly engaged with corporate consumers with their energy needs, we are able to deliver bankable PPAs along with speedy delivery of the project due to in-house Development & EPC Capabilities."
Founded in 2015, Oriano has 700+ MWp of Development & EPC projects installed & under execution. Oriano has built solar projects for marquee global IPPs and Indian conglomerates such as Honda, Bosch, Bajaj Auto, Amway, Cipla, Tata Communications, First Solar (USA), Aditya Birla Renewables, Solarpack (Spain), Downing (UK), Technique Solaire (France), HAL, HPCL, among others. Oriano is ranked fastest 50 growing technology companies in India by Deloitte Fast50 in 2018 and 2019 rankings. 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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