Oriano Bounces Back in Business With 350 MWp of New Solar Projects

Mumbai-based Oriano Solar has started constructing 350+ MWp of utility-scale solar projects across various states in the country. With this project, the construction engineering company has more than Rs 300 crore-contracts in hand.

In development business, Oriano said it 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. The company stated it has created 175 MWp of projects in shovel-ready status.

Additionally, Oriano won a couple of projects in the captive capex segment. Oriano is executing these projects throughout the stages of development, engineering, procurement, construction, and operation and maintenance.

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Lokendra Singh, Business Head, EPC business and Co-founder, 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,” Mr. Singh added.

Founded in 2015, Oriano has 700+ MWp of solar development & EPC projects installed & under execution, and its consumer list comprises 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. According Deloitte Fast50 2018 and 2019 rankings, the company is among fastest 50 growing technology companies in the country.

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SIDBI Venture Capital is an equity investor in the company and Oriano has recently raised debt INR 15 crore from Caspian Impact Investments and Northern Arc.