Oriana Power approves Rs 75 crore debenture issue

Oriana Power Limited (Oriana Power) has approved a Rs 75 crore fundraising plan through a private placement of debentures. The decision was taken at a meeting of the Board of Directors held on 5 January 2026. The funds are intended to support the company’s expanding project pipeline, including recently secured solar and energy storage contracts.

The company plans to issue 7,500 rated, unlisted, senior, secured, redeemable, transferable, non-convertible debentures (NCDs) to selected investors, subject to regulatory approvals. Each NCD has a face value of Rs 1,00,000, aggregating to Rs 75 crore. The instruments carry a fixed annual coupon of 11.6%, payable monthly, with a tenure of up to 48 months from the date of allotment.

The issue is supported by a detailed security structure. This includes a second ranking charge on company assets, a pledge of shares held in subsidiaries, a charge over an escrow account, identified receivables, promoter guarantees, and a Debt Service Reserve Account (DSRA) of Rs 5.60 crore. The NCDs also include embedded options, with a put option available to investors from 30 June 2027 and a call option available to the company from 31 December 2027.

Recently, Solar Energy Corporation of India (SECI) awarded Oriana Power 300 MW under a 1,200 MW solar tender linked with battery energy storage system (BESS) capacity. The capacity was secured at a tariff of Rs 3.13 per kWh. In December 2025, the company also received purchase orders valued at Rs 186.36 crore for setting up a 50 MW solar photovoltaic (PV) project in Kerala, which is scheduled for completion in FY 2026-27.

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