Here's why Oriana Power share price rose 6% on October 17; reasons here

Oriana Power share price: Shares of Oriana Power soared up to 5.81 per cent to hit an intraday high of Rs 2,155 per share on Thursday, October 17, 2024. 

The rise in Oriana Power share price came after the company said that it has been awarded a new contract aggregating to 75MW(AC) Solar power plant worth Rs 375 crore from MSEDCL, Maharashtra.

In an exchange filing, Orianna Power said, “We are glad to inform you that our Company Oriana Power Limited has been awarded a new contract aggregating to 75MW(AC) Solar power plant. 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 CFA (subsidy) of approximately Rs 78 crore that will be disbursed as per the terms and conditions of order, further enhancing its viability and enabling us to deliver cost effective solutions.”

Under the terms of order, Oriana Power will work towards the implementation of feeder level solarisation under Component C of PM-KUSUM Scheme with land and transmission line etc.

The project is expected to be completed in 12 months, Oriana Power said.  

Founded in 2013, Oriana Power Limited specialises in providing solar energy solutions tailored for industrial and commercial clients. 

Oriana Power's operations encompass two main areas, which include Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). The CAPEX segment focuses on the engineering, procurement, construction, and operation of solar projects, including on-site installations like rooftop and ground-mounted systems, as well as off-site solar farms through open access. 

Meanwhile, the RESCO model offers solar energy solutions on a Build, Own, Operate, Transfer (BOOT) basis, allowing clients to benefit from solar energy without the upfront capital investment.

The total market capitalisation of Oriana Power is Rs 4,045.61 crore, NSE data showed. 

At 11:21 AM, shares of Oriana Power were trading 3.55 per cent at 2,109 per share. In comparison, Nifty50 was trading 0.67 per cent lower at 24,804.15 levels.