Oriana Power has secured two projects totalling 900 MW/1,800 MWh from MSEDCL, valued at ₹3,870 crore. According to the company's regulatory filing, the projects were awarded on September 18, 2026, under the Viability Gap Funding (VGF) support and Power System Development Fund (PSDF) scheme. The contracts were awarded through tariff-based global competitive bidding with VGF support under the Power System Development Fund (PSDF) scheme, conducted through an e-reverse auction. Oriana Power secured 45% of MSEDCL's total tendered capacity of 2,000 MW/4,000 MWh, demonstrating its strong competitive position in the renewable energy storage sector. The projects will operate under 15-year Battery Energy Storage Purchase Agreements (BESPAs), providing MSEDCL with reliable energy storage capacity for the next 15 years starting from their commercial operation dates.
The awarded projects comprise 500 MW/1,000 MWh valued at ₹2,142 crore and 400 MW/800 MWh valued at ₹1,728 crore. The larger portion covers 500 MW/1,000 MWh capacity linked to Maharashtra State Electricity Transmission Company Limited sub-stations at a levelised tariff of ₹2,38,000 per MW per month, translating to approximately ₹2,142 crore over 15 years or nearly ₹142.80 crore each year. The second allocation entails 400 MW/800 MWh tied to MSEDCL substations at ₹2,40,000 per MW per month, translating to roughly ₹1,728 crore over the 15-year horizon or ₹115.20 crore annually. The expected VGF support will be ₹324 crore, based on current project cost assessments, providing substantial financial backing for the battery energy storage systems. Oriana Power will receive a one-time payment along with recurring monthly revenues for 15 years from the date of commencement of commercial operations. The BESPAs are yet to be signed, so commissioning dates will follow those agreements.
Oriana Power's financial performance has shown remarkable growth, with consolidated revenue from operations increasing 84.46% YoY, climbing from ₹998.06 crore in FY25 to ₹1,841.01 crore in FY26. The company's consolidated net profit increased 59.14% YoY, reaching ₹252.33 crore in FY26 compared to ₹158.56 crore in FY25. Basic earnings per share increased by 56.10 percent and stood at ₹12.41 as against ₹7.95 recorded in the previous year FY2025. The company has confirmed that its promoters have no interest in MSEDCL and that this is not a related-party deal. Oriana Power's stock was trading at ₹266.40, down 1.97% from the previous close of ₹271.75, with a market capitalization of ₹2,723 crores. The company currently has an order book of approximately ₹6,800-7,000 crore, with over 1,500 MWh of BESS under execution and over 3,000 MWh in the pipeline.
This award represents a significant milestone in Oriana Power's strategic transformation, as the company has mostly operated as a solar EPC company with storage as an add-on. Management has guided that in FY27 about 60% of revenue will come from solar and about 40% from BESS. This award pushes that mix further towards storage, with the revenue stream being more stable than traditional EPC contracts. The ₹258 crore annual revenue across the two awards provides steady income compared to one-time construction contracts. The company has been adding battery storage, green hydrogen and green ammonia to its base, reporting more than 835 MW of solar delivered, over 700 MW under execution, over 4,780 acres of land acquired or in process, and maintaining a CRISIL rating of A-/Stable. The projects will be implemented across multiple locations at MSEDCL, MSETCL, and CTU substations to provide on-demand energy storage capacity.
