Oriana Power Inks Rs 375-Crore Deal With Maharashtra Discom For Solar Plant

Oriana Power Ltd. announced on Wednesday that it has won a contract from the Maharashtra State Electricity Distribution Co. for the construction of a 75-megawatt alternating current solar power plant.

According to the terms and conditions of the contract, it involves the implementation of feeder level solarisation under 'Component C' of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan scheme with land and transmission line.

The project is to be completed within 12 months, according to the exchange filing.

"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 central financial assistance, (subsidy) of approximately Rs 78 Crores that will be disbursed as per the terms and conditions of order, further enhancing its viability and enabling us to deliver cost effective solutions," the company stated in the filing.

On July 10, Oriana Power had bagged a similar order that was worth Rs 155 crore for a 40-MW solar plant in Rajasthan which was under the captive segment.

That project involved engineering, procurement and construction, commissioning, operation and maintenance of the solar power plant.

The time period for that order is nine months, while the operation and maintenance period was also similar, for 25 years from the commissioning date.

Shares of Oriana Power closed 1.06% lower at Rs 2,040 apiece on the NSE, compared to a 0.34% decline in the benchmark Nifty 50.

The stock closed 2.27% lower at Rs 2,105 per share.

Out of the analysts tracking the company, none have a "buy" rating on the stock, none suggest a "hold" and none recommend a "sell", according to the Bloomberg data.

The average of 12-month analysts' consensus price targets does not apply to this stock.