ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-atlas-secures-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Atlas Renewable Energy, a solar and wind project developer, </strong><a href="https://mercomcapital.com/atlas-renewable-energy-secures-113-million-financing-for-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a COP 473.77 billion (~$113 million) senior loan</strong> to develop, construct, and operate the 201 MW Shangri-La solar project in the Tolima Department of Colombia. IDB Invest and Bancolombia provided the financial package. The project is expected to reach commercial operation at the end of 2025.</p>
<p><strong>Sol Systems, a solar finance and development company, </strong><a href="https://mercomcapital.com/sol-systems-acquires-2-gw-of-hybrid-solar-and-storage-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of over 2 GW of utility-scale hybrid solar and storage projects</strong> across the Midwest from Tenaska, the Omaha-based energy company. The portfolio spans multiple states within the Midwest. The projects, each exceeding 100 MW, are expected to reach commercial operation between 2028 and 2029.</p>
<p><strong>Eurowind Energy, a Danish-based renewable energy project developer, </strong><a href="https://mercomcapital.com/eurowind-energy-acquires-eleven-solar-projects-totaling-55-mw-in-portugal/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the signing of a shares purchase agreement in August to acquire 11 solar projects</strong> with 5 MWac capacity each. Most of the projects are grouped in clusters of three (15 MW each), and all are in the Aveiro district in the center of Portugal. The projects are currently in an advanced stage of development and are expected to reach the ready-to-build stage between Q3 2024 and Q2 2025.</p>
<p><strong>OX2, a solar and energy storage project developer, announced the </strong><a href="https://mercomcapital.com/ox2-sells-two-solar-projects-totaling-137-mw-in-australia/" target="_blank" rel="noopener"><strong>sale</strong></a><strong> of two solar projects totaling 137 MWp/105 MWac to European Energy</strong>, a Danish renewable energy project developer. The deal includes project rights for the 106 MWp/80 MWac Lancaster solar in Victoria and the 31 MWp/25 MWac Mulwala solar in New South Wales, Australia. The construction of both projects is scheduled to begin in the first quarter of 2025, and commercial operations are expected in 2026.</p>
<p><strong>Encavis, a solar and wind project developer, has </strong><a href="https://mercomcapital.com/encavis-secures-67-million-financing-for-114-mw-solar-project/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a non-recourse project financing agreement of €60.7 million (~$67.10 million) for its 114.2 MW Lindenhof solar project</strong> in Germany. Bayerische Landesbank, a long-standing financing partner of ENCAVIS for years, provided the financing, thereby supporting the group’s future growth strategy. In total, the funding includes €46.8 million (~$51.73 million) in term loan facilities, a €2.75 million (~$3.04 million) VAT facility, and €11.1 million (~$12.27 million) in letter of credit facilities.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-ox2-sells-solar-project-australia/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Atlas Secures $113 Million Financing for Solar Project


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					</table><p><a href="https://www.mercomindia.com/india-unveils-draft-certification-program" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has released a draft Green Hydrogen Certification program for stakeholder consultation.</a> Stakeholder can share their comments on the draft by September 27, 2024. The program aims to establish a comprehensive framework for measuring, monitoring, and certifying green hydrogen production. It outlines governance structures, certification procedures, and guidelines for calculating greenhouse gas emission intensity. The program recognizes two eligible hydrogen production pathways – Electrolysis and Conversion of Biomass. Stakeholders can propose new pathways for technical committee consideration.</p>
<p><a href="https://www.mercomindia.com/aperc-clarifies-metering-billing-procedures" target="_blank" rel="noopener">The Andhra Pradesh Electricity Regulatory Commission has issued guidelines to address calculating electricity units exported by solar net meter</a> consumers during periods when meters are defective or non-functional. This clarification aims to ensure fair and consistent billing practices for prosumers with grid-interactive solar rooftop photovoltaic systems. APERC said all provisions of the General Terms and Conditions of Supply), the Supply Code, and relevant regulations apply to prosumers. By providing clear instructions on estimating energy export during meter defects, APERC aims to minimize disputes and promote the smooth operation of solar net metering systems in Andhra Pradesh.</p>
<p><a href="https://www.mercomindia.com/purvah-300-mw-solar-projects-cesc" target="_blank" rel="noopener">Purvah Green Power, a subsidiary of Calcutta Electric Supply Corporation (CESC), has been selected by CESC to develop 300 MW of interstate transmission</a> system (ISTS)-connected solar power projects across India. Of the total capacity, 150 MW will be developed through tariff-based competitive bidding, while the remaining 150 MW will be executed under a greenshoe option. Purvah has accepted the letter of award from CESC, according to a bourse filing. As part of the agreement, Purvah will sign a 25-year power purchase agreement within 30 days of receiving the letter of award. The company must identify suitable land for project installation, secure ownership, connect to the ISTS network, and obtain approvals and connectivity to supply power to CESC. The tender was issued in July this year.</p>
<p><a href="https://www.mercomindia.com/tata-group-to-build-20-gwh-battery-manufacturing-plant-in-gujarat" target="_blank" rel="noopener">The Tata Group is planning to set up a 20 GWh battery manufacturing facility in Sanand, Gujarat, through its clean energy subsidiary Agratas</a>. The group has invested ₹9.51 billion (~$113.2 million) in Agratas. Agratas is setting up a 40 GWh battery manufacturing plant in the UK. In its annual report 2023-24, Tata Group said it is creating critical manufacturing capabilities by setting up manufacturing plants in India and the UK. Agratas’ UK vehicle battery manufacturing facility will be located near Bridgwater in Somerset. Construction on the gigafactory, which covers 224,710 sq.m. of built area, is underway. Jaguar Land Rover and Tata Motors are the anchor customers for this venture, with supplies scheduled to commence in 2026.</p>
<p><a href="https://www.mercomindia.com/inkel-14-mw-wind-projects-kerala" target="_blank" rel="noopener">INKEL, a public-private partnership initiative promoted by the Kerala government, has invited expressions of interest for the engineering, construction</a>, and procurement of 14 MW of wind power projects at Ozhalapathy and Vadakarapathy in the Palakkad district of Kerala. The last day to submit the bids is September 20, 2024. The scope encompasses the project site’s design and supply of wind turbine generators, including insurance, transportation, and secure logistics. It also involves the erection, testing, and commissioning of 14 MW (±10%) wind power project, along with power evacuation to the pooling station.</p>
<p><a href="https://www.mercomindia.com/forest-department-maharashtra-solar-projects" target="_blank" rel="noopener">The Forest Department of Maharashtra has invited bids to commission 1.5 MW of rooftop or ground-mounted solar projects for Chandrama</a> Forest Academy under Renewable Energy Service Company mode. The estimated work cost is ₹100 million (~$1.19 million). The project must be commissioned within six months of receiving the work order. The projects can be commissioned in two categories: i) 100-1,000 kW and ii) 1,200-1,500 kW. The last day to submit the bids is September 26, 2024. Bids will be opened the next day. Bidders must furnish an Earnest Money Deposit of ₹500,000 (~$5,956) and a tender form fee of ₹3,540 (~$42). The department will sign 25-year power purchase agreements with the developers. Forest Academy, Chandrapur, and SABV Botanical Garden, Chandrapur, will be beneficiaries.</p>
<p><a href="https://www.mercomindia.com/horizon-indify-fuel-electrolyser-factory-in-india" target="_blank" rel="noopener">Singapore-based hydrogen company Horizon Fuel Cell Group is setting up a 1 GW electrolyzer factory in India in a joint venture with Indify Fuel Cell.</a> HET Hydrogen, an electrolyzer subsidiary of Horizon Fuel Cell Group, will establish assembly facilities capable of turning out GW capacities of electrolyzers in two phases. The company plans to assemble at least 100 MW annually in the initial phase. The unit is expected to be operational by early 2026. HET has commercialized MW-scale Proton Exchange Membrane (PEM) electrolyzers and is preparing to launch MW-scale AEM electrolyzers based on proprietary membrane and stack technology. The technology provides target capital costs around the level of traditional alkaline systems and operating costs substantially lower than PEM systems.</p>
<p><a href="https://www.mercomindia.com/oriana-power-to-develop-solar-project-for-dalmia-cement" target="_blank" rel="noopener">Oriana Power, through its subsidiary, Truere Surya, has secured a ₹5.2 billion (~$61.94 million) contract from Dalmia Cement to develop</a> a 128 MW ground-mounted solar power project under the open access captive arrangement in Tamil Nadu. Dalmia Cement will acquire 26% shares for ₹448 million (~$5.34 million) in Truere Surya, Oriana said in a filing on the National Stock Exchange. The share acquisition agreement will help Dalmia Cement source solar power as a captive consumer. The transaction is expected to be completed in four to six months. The project is part of Dalmia Cement’s efforts to achieve its RE100 goals by 2030 and turn carbon negative by 2040.</p>
<p><a href="https://www.mercomindia.com/thermax-acquires-onix-two-enersol" target="_blank" rel="noopener">Energy and environment solutions company Thermax has acquired 100% equity share capital of Onix-Two Enersol (OTEPL) through its wholly owned</a> subsidiary, First Energy. The acquisition is valued at ₹100,000 (~$1,190), with Thermax acquiring 10,000 equity shares. OTEPL, founded in March 2023, is a renewable energy firm specializing in constructing, developing, and maintaining solar and wind energy projects. OTEPL’s net worth as of August 2024 was reported at ₹100,000 (~$1,190), with a paid-up capital of the same amount. OTEPL reported a turnover of ₹25.66 million (~$305,512) for the financial year 2023-2024, with a profit of ₹209,200 (~2,490). Its business operations focus on the renewable energy sector, particularly solar parks, wind turbines, and solar energy projects.</p>
<p><a href="https://www.mercomindia.com/us-adds-9-4-gw-of-solar-in-q2-module-manufacturing-capacity" target="_blank" rel="noopener">In Q2 2024, 9.4 GW of new solar power capacity was added in the US, a record second quarter. Solar module manufacturing capacity in the U.S.</a> increased by over 10 GW to 31.3 GW, according to the latest report by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. In a quarter-over-quarter comparison, the capacity addition was down 21% but was 29% higher than the same quarter in 2023. This expansion is largely attributed to ongoing federal clean energy initiatives boosting solar manufacturing and project deployment. Solar accounted for 67% of all new power capacity added to the US grid in the first half of 2024.</p>


Daily News Wrap-Up: MNRE Introduces Draft Green Hydrogen Certification Program


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					</table><p><a href="https://orianapower.com/who-we-are/" target="_blank" rel="noopener">Oriana Power</a>, through its subsidiary, Truere Surya, has secured a ₹5.2 billion (~$61.94 million) contract from Dalmia Cement (<a href="https://www.dalmiacement.com/" target="_blank" rel="noopener">DCBL</a>) to develop a 128 MW ground-mounted solar power project under the open access captive arrangement in Tamil Nadu. Dalmia Cement will acquire 26% shares for ₹448 million (~$5.34 million) in Truere Surya, Oriana said in a filing on the National Stock Exchange.</p>
<p>The share acquisition agreement will help Dalmia Cement source solar power as a captive consumer. The transaction is expected to be completed in four to six months.</p>
<p>The project is part of Dalmia Cement’s efforts to achieve its RE100 goals by 2030 and turn carbon negative by 2040.</p>
<p>Dalmia Cement has a total renewable energy capacity of 185 MW, with 19 MW commissioned in 2023-24. The company has a total solar power capacity of 113 MW.</p>
<p>“These projects lead to savings in power costs and achieve an actual Internal Rate of Return (IRR) or Payback period that aligns with initial projections. Environmentally, they make substantial strides in reducing CO2 emissions per MT of clinker, furthering our commitment to sustainable practices and environmental stewardship,” the company said in its 2023-24 annual report.</p>
<p>Oriana Power recently <a href="https://www.mercomindia.com/oriana-power-wins-epc-contract-for-52-mw-solar-project-in-uttar-pradesh" target="_blank" rel="noopener">secured</a> a ₹2.48 billion (~$29.50 million) engineering, procurement, and construction contract for a 52 MW ground-mounted solar power project in Prayagraj, Uttar Pradesh from Bharat Petroleum Corporation.</p>
<p>In 2022, the Meghalaya State Electricity Regulatory Commission <a href="https://www.mercomindia.com/captive-cogeneration-consumer-exempted-rpo-compliance" target="_blank" rel="noopener">allowed </a>Dalmia Cement to offset its renewable purchase obligation (RPO) with the power generated from its waste heat recovery boiler. The Commission exempted Dalmia Cement from meeting its RPO target as long as the power generated and consumed from the boiler exceeds the required RPO target.</p>


Oriana Power to Develop 128 MW Solar Project for Dalmia Cement


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					</table><p><a href="https://orianapower.com/who-we-are/" target="_blank" rel="noopener">Oriana Power </a>has secured a ₹2.48 billion (~$29.50 million) engineering, procurement, and construction (EPC) contract for a 52 MW ground-mounted solar power project in Prayagraj, Uttar Pradesh from Bharat Petroleum Corporation (<a href="https://www.bharatpetroleum.in/" target="_blank" rel="noopener">BPCL</a>).</p>
<p>The scope of work involves the design, engineering, supply, installation, testing, and commissioning of the solar project. Oriana will also have to secure approval from the Central Transmission Utility of India, transmission lines, and operations and maintenance for five years, Oriana said in a filing on the National Stock Exchange.</p>
<p>The tender for the solar project was <a href="https://www.mercomindia.com/bpcl-tenders-solar-project-in-uttar-pradesh" target="_blank" rel="noopener">floated</a> in June 2024. The project must be completed in six months from the award date.</p>
<p>In 2023, Oriana won the auction to <u><a href="https://www.mercomindia.com/oriana-power-wins-epc-solar-project-from-coal-india" target="_blank" rel="noopener">construct</a></u> a 20 MW ground-mounted solar power project in Dhanbad, Jharkhand, for Bharat Coking Coal, a subsidiary of Coal India.</p>
<p>It also <a href="https://www.mercomindia.com/oriana-epc-29-mw-solar-open-access-karnataka" target="_blank" rel="noopener">secured</a> a turnkey EPC contract for a 29 MW captive open access solar project for a steel manufacturer in Karnataka.</p>
<p>The same year, Oriana was <a href="https://cms.mercomindia.com/seci-empanels-six-installers-50-mw-rooftop-systems/" target="_blank" rel="noopener">added</a> to Solar Energy Corporation of India&#8217;s list of empaneled EPC contractors for 5.98 MW out of 50 MW grid-connected rooftop solar systems.</p>
<p>Oriana has 390 MW of cumulative capacity under execution and has delivered more than 240 MW of cumulative projects so far. It has more than 900 MW of projects in the pipeline.</p>
<p>Recently, BPCL awarded <a href="https://www.ahasolar.in/" target="_blank" rel="noopener">Ahasolar Technologies</a> the consultancy contract for the 52 MW solar power project at Prayagraj. The company quoted ₹5.1 million (~$61,168) to win the ten-month contract. BPCL plans to power three of its refineries from the solar project.</p>
<p>Earlier, BPCL <a href="https://www.mercomindia.com/ahasolar-consultancy-contract-52-mw-solar-bpcl" target="_blank" rel="noopener">invited</a> bids to set up a green hydrogen plant and refueling station at the 100% solar-powered Cochin International Airport in Kochi, Kerala.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real time.</p>


Oriana Power Wins EPC Contract for 52 MW Solar Project in Uttar Pradesh


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					</table><p><a href="https://www.mercomindia.com/india-solar-capacity-q2-2023" target="_blank" rel="noopener"><strong>India installed 1.7 GW of solar capacity during the second quarter (Q2) of 2023, a 58% decline year-over-year (YoY), according to Mercom India Research&#8217;s Q2 2023 India Solar Market Update.</strong></a> On a quarter-over-quarter basis, the installations fell by 10%. The Ministry of New and Renewable Energy extended commissioning timelines for various solar and solar-wind hybrid projects until March 2024, thrice between December 2022 and June 2023. The module price fluctuations, supply constraints, and uncertainties around the Approved List of Models and Manufacturers added to the project delays in Q2 and the first half of 2023.</p>
<p><a href="https://www.mercomindia.com/jodhpur-discom-78-mw-solar-projects-kusum" target="_blank" rel="noopener"><strong>The Jodhpur Vidyut Vitran Nigam has invited bids to install and commission 31 grid-connected solar projects with a total capacity of 78.6 MW under Component C of the Pradhan Mantri Kisan</strong></a> Urja Suraksha evam Utthaan Mahabhiyan program for feeder level solarization. The projects, to be developed under the renewable energy service company model, will be located in AP Kallu, Jaitaran, Bar, and Pipaliya Kallan subdivisions of Pali Circle in Jodhpur. The last date to submit the bids online is October 11, 2023. Bids will be opened on October 13.</p>
<p><strong><a href="https://www.mercomindia.com/seci-disbursements-solar-wind-26-yoy-rise" target="_blank" rel="noopener">The Solar Energy Corporation of India disbursed ₹11.48 billion (~$138.3 million) to wind and solar developers for the electricity procured in the month of June 2023.</a></strong> The payments marked an increase of 9.3% from ₹10.5 billion (~$126.43 million) disbursed in May. The disbursements increased by 25.7% on a year-over-year basis. The disbursements accounted for nearly 93% of the total amount released by the nodal agency in June.</p>
<p><a href="https://www.mercomindia.com/jharkhand-tender-solarization-8000-agricultural-pumps" target="_blank" rel="noopener"><strong>Jharkhand Renewable Energy Development Agency has invited bids for the installation and commissioning of 8,000 off-grid solar pumping systems of different capacities under Component B</strong></a> of the PM-KUSUM program. The successful bidder will also have to take care of the operation and maintenance of the solar systems for five years. The last date to submit the bids is September 4, 2023. Bids will be opened on September 6.</p>
<p><a href="https://www.mercomindia.com/oriana-power-wins-epc-solar-project-from-coal-india" target="_blank" rel="noopener"><strong>Noida-based solar energy solutions company Oriana Power has won the auction to construct a 20 MW ground-mounted solar photovoltaic power project in Dhanbad, Jharkhand, for Bharat Coking Coal, a subsidiary of Coal India.</strong></a> The Engineering, Procurement, and Construction phase is expected to conclude within a year. The estimated value is ₹1.38 billion (~$16.6 million), including GST and operation and maintenance expenses.</p>
<p><a href="https://www.mercomindia.com/kolkata-police-floats-tender-maintenance-of-200-evs" target="_blank" rel="noopener"><strong>Kolkata Police has invited bids for the supply and maintenance of 200 four-wheeler electric vehicles with all standard accessories, including regular chargers.</strong></a> The last date for the submission of bids is September 9, 2023. Bids will be opened on September 14. The project&#8217;s estimated cost, including GST, is valued at ₹440 million (~$5.3 million).</p>
<p><a href="https://www.mercomindia.com/energy-storage-firm-nsure-lithium-ion-cells-in-karnataka" target="_blank" rel="noopener"><strong>Energy storage solutions company NSure Reliable Power Solutions is set to begin pilot production of lithium-ion cells at its 1 GWh plant located in Malur, near Bengaluru.</strong></a> The venture involves an investment of ₹10.5 billion (~$126.9 million) and spans across an 80-acre facility. The Malur facility, with an initial capacity of 1 GWh, will focus on lithium iron phosphate cells and envisages a capacity expansion of up to 5 GWh in subsequent phases.</p>
<p><a href="https://www.mercomindia.com/captive-projects-3-25-total-electricity-generated-fy-2022" target="_blank" rel="noopener"><strong>Renewable energy (wind and solar) accounted for 9.07% of the total installed captive capacity as of March 31, 2022, according to the General Review Report 2023, published by the Central Electricity Authority.</strong></a> The generation from renewable captive power projects accounted for 3.25% of the total captive generation during FY 2021-22. The total installed capacity of renewable captive power projects, excluding hydropower, as of March 31, 2022, stood at 6.96 GW.</p>
<p><a href="https://www.mercomindia.com/canadian-solar-net-income-q2-23" target="_blank" rel="noopener"><strong>Solar module maker Canadian Solar&#8217;s net income surged 130% YoY to $170 million for Q2 of FY 2023, driven by increased module shipments and improved margins.</strong></a> The module manufacturer&#8217;s engineering, procurement, and construction subsidiary CSI Solar shipped 8.2 GW of solar modules to over 70 countries during the quarter, a 62% rise YoY. The top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany. Net revenues for the April-June quarter were up 2% YoY to $2.4 billion.</p>
<p><strong><a href="https://www.mercomindia.com/higher-pricing-of-deliverables-takes-2023" target="_blank" rel="noopener">Vestas Wind Systems, a wind turbine manufacturer, has recorded a net loss of €115 million (~$124 million) during Q2 FY 2023, a marginal YoY improvement of 3% from a loss of €119 million</a></strong> (~$128.5 million). The company recorded a revenue of €3.4 billion (~$3.6 billion), a YoY growth of 4%. This was driven by 29% service growth and higher average pricing on deliverables, partly offset by lower volume.</p>


Daily News Wrap-Up: India’s Solar Installations Down 58% YoY in Q2 2023


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					</table><p>Noida-based solar energy solutions company <a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power</a> has won the auction to construct a 20 MW ground-mounted solar photovoltaic power project in Dhanbad, Jharkhand, for Bharat Coking Coal Limited (<a href="https://www.bcclweb.in/?page_id=3678&amp;lang=en" target="_blank" rel="noopener">BCCL</a>), a subsidiary of Coal India Limited (<a href="https://www.coalindia.in/" target="_blank" rel="noopener">CIL</a>).</p>
<p>The Engineering, Procurement, and Construction (EPC) phase is expected to conclude within a year. The estimated value is ₹1.38 billion (~$16.6 million), including GST and operation and maintenance expenses.</p>
<p>The company will manage all aspects of the project&#8217;s lifecycle, including planning, acquiring solar equipment, building, rigorous testing, smooth commissioning, integration with the transmission grid, and a commitment to five years of operation and maintenance.</p>
<p>The initiative aims to produce sufficient clean energy to meet the needs of over 10,000 households while offsetting roughly 26,000 tonnes of CO2 emissions annually.</p>
<p>Oriana Power said the project acquisition aligns with the company&#8217;s endeavors to contribute to the nation&#8217;s transition towards a more sustainable energy future.</p>
<p>In case the company fails to complete the work within the agreed-upon timeframe, a penalty of 0.5% of the contract price per week of delay, up to a maximum of 10% of the total value, will be imposed as predetermined damages.</p>
<p>The electricity generated from the solar project will be consumed by BCCL for its own use.</p>
<p>BCCL will transmit the electricity to the nearest Damodar Valley Corporation (<a href="https://www.dvc.gov.in/cms-web" target="_blank" rel="noopener">DVC</a>) substation located six kilometers away from the project location using a 33 kV line. BCCL will secure the authorization for this transmission.</p>
<p>Oriana Power must ensure the generation of 37.43 million units of electricity during the initial year, with a permissible degradation of 0.7% for the subsequent years.</p>
<p>The capacity utilization factor is expected to be 21.67% for the first year, and up to 0.7% reduction is allowed for the following years.</p>
<p>Last month, Oriana Power <a href="https://www.mercomindia.com/solar-solutions-company-oriana-amount-in-pre-ipo-round" target="_blank" rel="noopener">concluded</a> its pre-initial public offering with the participation of several stock market veterans.</p>
<p>Oriana Power was recently <a href="https://cms.mercomindia.com/seci-empanels-six-installers-50-mw-rooftop-systems/" target="_blank" rel="noopener">incorporated</a> into Solar Energy Corporation of India’s list of empaneled engineering, procurement, and construction contractors for 5.98 MW out of 50 MW grid-connected rooftop solar systems.</p>


Oriana Power Wins EPC Contract for 20 MW Solar Project from Coal India


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					</table><p>Noida-based solar energy solutions company <a href="https://orianapower.com/" target="_blank" rel="noopener">Oriana Power</a> has concluded its pre-initial public offering (IPO) round, with the participation of several stock market veterans.</p>
<p>The company develops, constructs, and operates solar projects for its commercial and industrial (C&amp;I) customers.</p>
<p>Leading the pre-IPO round was Anil Kumar Goel, known for investing in the sugar and textile sectors. <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>’s Prashant Jain’s personal fund, Tikri Investments, also acquired a minority stake in the round. Neeraj Gupta, the founder of Meru, made a personal investment as well.</p>
<p>Joining them were Manoj Agarwal, an investor from Jaipur, and Amit Kumar, the founder of MSMEx, a live online coaching and handholding platform for MSME business owners.</p>
<p>Oriana Power recently filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, signaling its intent to launch an IPO.</p>
<p>The IPO is set to offer 5.05 million equity shares with a face value of ₹10 (~$0.12) per share through the book-building route. The company has appointed Corporate Capital Ventures as the lead manager for the issue, with Skyline Financial Service taking up the role of registrar to the issue.</p>
<p>The funds raised from the IPO will be allocated as follows: ₹230 million (~$2.7 million) for working capital requirements, ₹200 million (~$2.4 million) for investment in subsidiary companies, ₹200 million (~$242,586) for capital expenditure for expansion purposes, and the remaining amount for general corporate expenses, according to the DRHP.</p>
<p>Oriana operates both on the Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO) models. It offers energy solutions through the installation of on-site solar projects, including rooftops, ground-mounted systems, and off-site solar farms.</p>
<p>As of March 31, 2023, Oriana Power recorded revenues of ₹1.34 billion (~$16.2 million), a significant increase from ₹1.01 billion (~$12.2 million) during the same period in 2022.</p>
<p>The company&#8217;s profit after tax nearly doubled to ₹126.9 million (~$1.5 million) in the fiscal year ending March 31, 2023, compared to ₹69.6 million (~$844,499) in the previous year, as stated in the DRHP.</p>
<p>Oriana Power recently unveiled its corporate brand, TrueRE, reflecting its intention to diversify into other renewable energy avenues beyond solar.</p>
<p>The company has commissioned a 2.7 MW single rooftop solar power plant at the Indian Oil Corporation refinery in Panipat, Haryana, for Indian Synthetic Rubber.</p>
<p>Additionally, Oriana Power accomplished the installation of a unique 800 kW floating solar power plant at Dabok Mines in Udaipur, Rajasthan, for Udaipur Cement Works Limited in April 2023.</p>
<p>Oriana Power was recently <a href="https://cms.mercomindia.com/seci-empanels-six-installers-50-mw-rooftop-systems/" target="_blank" rel="noopener">incorporated</a> into Solar Energy Corporation of India’s list of empaneled engineering, procurement, and construction (EPC) contractors for 5.98 MW out of 50 MW grid-connected rooftop solar systems.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2023 Solar Funding and M&amp;A Report</a>, total corporate funding for solar companies, including from venture capital, public market, and debt financing, amounted to $8.4 billion in 42 deals in the first quarter of 2023, up 11% year-over-year compared to $7.5 billion raised in 49 deals.</p>


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