Shares of Oriana Power Limited hit 5% upper circuit on 1 October after the company announced a strategic partnership with ACTIS GP LLP. 

The planned collaboration is intended to provide significant economic support, allowing for the development of 1 GWp of solar and renewable energy projects in India over the next two years while leveraging international experience and investment.

Oriana Power has signed a non-binding Memorandum of Understanding (MoU) with ACTIS GP LLP to jointly develop a series of solar and renewable energy projects in India totalling 1 GWp over the next two years. These initiatives may be structured as independent Special Purpose Vehicles (SPVs) that have already been or will be incorporated. 

Under the agreement, ACTIS intends to invest up to USD 100 million in equity over a two-year period in project implementation and stake acquisition, subject to due diligence and the finalisation of definitive agreements between the two parties.

The collaboration with ACTIS is a significant strategic milestone, providing Oriana Power with substantial financial support to actively participate in large-scale renewable projects. The relationship is designed to speed up project execution, boost the company’s position in the rapidly growing renewable energy industry, and generate long-term value by using ACTIS’s investment and sector knowledge. 

Ernst & Young LLP in New Delhi is serving as the only sell-side M&A investment banker for this proposed landmark alliance.

Oriana Power is involved in all aspects of the renewable energy value chain, from solar power projects to power generation, compressed biogas, battery energy storage systems (BESS), green hydrogen, and e-fuels.

In addition to providing lease, management, and maintenance services for these projects, the company constructs, installs, and maintains accompanying power infrastructure such as power stations, cables, and lines.

At 3:30 pm, the shares of Oriana Power closed 5% higher at Rs 2,776.80 on NSE.

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