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Oriana Power Approves Rs 75 Crore Fundraise via Private Placement of NCDs

Renewable energy EPC firm Oriana Power has approved a plan to raise Rs75 crore through the private placement of non-convertible debentures (NCDs), following clearance from its Board of Directors.

In a regulatory disclosure, the company stated that it will issue 7,500 rated, unlisted, senior, secured, redeemable, and transferable NCDs, each with a face value of Rs1 lakh. The proposed issuance will be offered to a select group of investors and will not be listed on any recognised stock exchange. The final allotment date will be determined once the subscription process is completed and funds are received.

The debentures will carry a fixed annual coupon of 11.65%, with interest payments scheduled on a monthly basis. The instruments will have a tenure of up to 48 months from the deemed date of allotment, with the exact maturity date to be confirmed at the time of final allotment. Redemption will be at par and will include repayment of principal along with accrued interest and any applicable charges.

To provide investor protection, the issuance will be backed by a comprehensive security package. This includes a second-ranking charge through hypothecation of current assets and unencumbered movable fixed assets, along with a pledge of shares in identified subsidiaries equivalent to up to 0.5 times the issue size. Additional safeguards comprise a charge over an escrow account, assignment of identified receivables from specified EPC counterparties or project special purpose vehicles (SPVs), issuance of undated cheques equal to the full issue amount, and personal guarantees from the promoters. The company will also maintain a debt service reserve account (DSRA) of Rs5.6 crore.

The NCD structure includes embedded put and call options, with no prepayment penalty. Investors may exercise the put option starting June 30, 2027, with subsequent opportunities available every six months, each within a 30-day window. Upon receipt of a put notice, the company will be required to redeem or prepay the debentures within 15 days. Oriana Power may exercise its call option from December 31, 2027, with similar semi-annual call windows thereafter, subject to the same 15-day redemption timeline.

The proposed fundraise comes amid a strong project pipeline for Oriana Power. In October 2025, the company received a Rs217.45 crore Letter of Award from SJVN for the development of a 50 MW (AC) grid-connected solar photovoltaic project in Gujarat under GUVNL Phase XXII.

Earlier, in August 2025, Oriana Power emerged as the successful bidder in the Solar Energy Corporation of India’s green ammonia auction, securing a contract to supply 60,000 tonnes per annum of green ammonia to Madhya Bharat Agro Products’ facility in Sagar, Madhya Pradesh, at a tariff of Rs52.25 per kg.

Additionally, in March 2025, the company signed a Rs500 crore memorandum of understanding with the Government of Assam to develop solar power and battery energy storage projects in Kamrup district, announced during the Advantage Assam 2.0 Investment and Infrastructure Summit 2025 in Guwahati.