Oriana Power

What Oriana Power does

Oriana Power Limited (branded as TrueRE Oriana Power) is an India-based, publicly listed renewable energy company founded in 2013 and headquartered in Noida, Uttar Pradesh. The company describes itself as a fully integrated clean energy platform spanning the renewable value chain from generation to storage to consumption, with solutions across ground-mounted solar, floating solar, solar parks, rooftop solar, carport solar, hybrid solar+wind+battery systems, and grid-scale battery energy storage (BESS), supplemented by newer green hydrogen, green ammonia, and E-fuel adjacencies. Cumulative delivered project capacity exceeds 1 GW, with an additional 800+ MWh of BESS under execution, and operational footprint spans 24 Indian states plus a first international project in Guyana.

The business operates through three primary revenue mechanics: (i) one-time EPC contracts (including a Rs 1,180.53 crore 234 MW floating solar award at Maithon Dam and Rs 162.68 crore of 32 MW solar + 20 MWh BESS projects in Rajasthan); (ii) recurring RESCO/BOOT and PPA models where Oriana retains asset ownership and customers pay per unit of solar power; and (iii) long-tenor off-take agreements such as the Rs 3,135 crore 10-year green ammonia supply contract with SECI. Pricing is project-specific and quote-based, with no published tiered pricing. Distribution is direct enterprise field sales to industrial, commercial, and government clients, including multiple cement off-takers (JK Cement, Udaipur Cement Works, JK Lakshmi Cement) and PSU empanelments (Coal India, SECI), supplemented by an SPV/captive-power structure that embeds Oriana assets on customer sites under PPA. A Rs 10,000 crore MoU with the Government of Rajasthan (December 2024) anchors the multi-year order pipeline.

The company IPO'd on Indian stock exchanges in August 2023 at a modest INR 60 crore raise, is led by three co-founder engineers (Rupal Gupta, Parveen Kumar, Anirudh Saraswat), maintains a 350+ team and a 21+ subsidiary SPV structure for project isolation, and is funded through a mix of pre-IPO investments from market veterans and Rs 750 million of NCDs issued in January 2026 at an 11.65% coupon. Advisory bench includes senior figures from ONGC, IRCON, IIT/IIM-trained renewables executives, and India's first NABL-accredited PV laboratory founder.

Name

Oriana Power

Legal name

Oriana Power Limited

Website

https://orianapower.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

Oriana Power is an India-based, publicly listed integrated renewable energy EPC and PPA platform delivering solar, BESS, hybrid, and green hydrogen solutions to industrial, commercial, and government clients across 24 states and selectively internationally.

Ownership category

akta.pro rank

Product category

Solar Energy EPC and Renewable Energy Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Construction Management & General Contracting (EPCM, Scheduling, QA/QC, HSE) (EUAMAFAJ)

akta.pro secondary industries

Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB), SCADA, Controls & Communications Integration (RTU, Fiber, Networking) (EUAEADAD), Utility-Scale Power Generation Asset Management (EUAEAMAA)

Keywords

• Solar energy solutions
• Battery energy storage
• Renewable energy EPC
• Solar power plants
• Green hydrogen production

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. EPC (Engineering, Procurement, Construction): Full-cycle EPC contracting for solar power projects including floating solar, ground-mounted, and rooftop installations. Major contracts include Rs 1,180.53 crore for 234 MW floating solar project at Maithon Dam and Rs 162.68 crore for 32 MW solar with 20 MWh BESS in Rajasthan.
2. RESCO/BOOT Model: Customers pay for solar power on a per-unit basis without upfront capital expenditure. Oriana Power retains ownership of assets and provides ongoing operations and maintenance services.
3. Green Ammonia Production: 10-year Green Ammonia Purchase Agreement with SECI for 60,000 tonnes annually at Rs 52.25 per kg, valued at approximately Rs 3,135 crore. Project to be developed in Sagar, Madhya Pradesh.
4. SPV Investments and Captive Power: Oriana Power maintains majority stakes in Special Purpose Vehicles created for specific projects. Investment of Rs 12 crore in Truere Guj SPV to support BESS-linked solar project while maintaining 74% stake.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Oriana Power is a fully integrated clean energy platform that designs, develops, builds, and operates solar power generation assets (ground-mounted, floating, rooftop, carport, and solar park installations) along with battery energy storage systems (BESS) and hybrid (solar+wind+battery) solutions. The company delivers projects through EPC contracts, RESCO/BOOT pay-as-you-save arrangements, PPA models, and ongoing operations & maintenance services, with emerging capabilities in green hydrogen and e-fuels. It primarily serves industrial, commercial, and government clients across India with selective international project execution.

Product overview

Oriana Power (also known as TrueRE Oriana Power) is a fully integrated clean energy platform offering end-to-end renewable energy solutions. The company provides a comprehensive portfolio of solar products including Ground Mounted Solar, Floating Solar, Solar Parks, Rooftop Solar, and Solar Carports, complemented by Hybrid (Solar+Wind+Battery) systems and Battery Energy Storage Systems (BESS). Service offerings span the entire project lifecycle through EPC (Engineering, Procurement, and Construction), RESCO/BOOT Model, Operations & Maintenance, and specialized solutions including Behind the Meter Solar, Open Access Renewal Solar, Net Zero Solutions, and Grid-Tied Solar. The company serves industrial, commercial, government clients, and Indian PSUs across multiple sectors including cement, oil & gas, FMCG, manufacturing, hospitals, data centers, and educational institutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Ground Mounted Solar Power Plants Large-scale ground-mounted solar arrays installed on land with flexible terrain adaptation (including hilly and rocky surfaces) and zero shadow loss optimization, offered to industrial and government clients for utility-scale generation.
• Floating Solar Photovoltaic systems installed on water bodies such as lakes, reservoirs, and mine pits, providing space-saving power generation with natural cooling efficiency. Oriana Power executed a 3 MWp floating solar project at Visakhapatnam and 1 MWp at Udaipur Cement Works mine pits.
• Solar Parks Centralized, large-scale solar energy installations combining panels, inverters, and transformers for grid-integrated renewable energy generation, including with storage capabilities.
• Rooftop Solar Solar panel installations on building rooftops for behind-the-meter generation, delivering electricity cost savings of up to 27% versus commercial grid tariffs for industrial, commercial, and government customers.
• Solar Carport Covered parking structures with integrated photovoltaic panels providing shade, vehicle protection, and renewable power generation, with optional EV charging stations.
• Hybrid (Solar+Wind+Battery) Energy Systems Integrated energy systems combining solar, wind, and battery storage to deliver balanced and reliable power supply across varying weather conditions.
• BESS (Battery Energy Storage Systems) Grid-scale energy storage solutions using rechargeable batteries to capture excess electricity from renewables and discharge during peak demand, supporting grid stability. Oriana Power has 800+ MWh of BESS under execution.
• EPC (Engineering, Procurement, and Construction) Services End-to-end project delivery with single-point accountability from design through construction, including quality assurance and risk management. Major contracts include Rs 1,180.53 crore for 234 MW floating solar at Maithon Dam and Rs 162.68 crore for 32 MW solar with 20 MWh BESS in Rajasthan.
• RESCO/BOOT Model Renewable Energy Service Company / Build Own Operate Transfer model where customers pay for solar power on a per-unit basis without upfront capital costs. Oriana retains asset ownership and provides ongoing O&M under a pay-as-you-save arrangement.
• Operations & Maintenance Comprehensive solar asset management including monitoring, reporting, and preventive/corrective maintenance to maximize plant performance, minimize downtime, and ensure reliable ROI across the installed base.
• Behind the Meter Solar Solutions On-site solar power generation systems enabling businesses to generate electricity for self-consumption, reducing grid dependency and operational expenses.
• Open Access Solar Direct power purchase arrangements allowing commercial and industrial users to buy solar electricity from Independent Power Producers under the Electricity Act 2003 framework.
• Net Zero Solutions Comprehensive sustainability services helping clients achieve net zero emissions through solar generation, energy efficiency measures, and carbon offsetting mechanisms.
• Grid-Tied Solar Solar systems connected to the utility grid with net metering capabilities, allowing energy export and credits while maintaining backup from the grid.
• Solar Capex Model Capital expenditure model where customers purchase and own the solar power plant assets outright, including panels, inverters, and optional battery storage.
• PPA Model Solar Power Purchase Agreement arrangement where Oriana installs and maintains solar panels on customer property, with the customer purchasing the generated power at agreed rates.

Quantifiable outcome

• 17% lower industrial electricity tariff through solar adoption
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• JK Cement LimitedcoreStrategic or Co-development Partner · 4 May 2026JK Cement acquired 26% stake in Truere Guj SPV Private Limited for Rs 42.22 million through share subscription. SPV developing 50/70 MWp solar plant in Rajasthan's Phalodi district to supply 70 MWp captive power to JK Cement's Nimbahera plant under PPA.
• Solar Energy Corporation of India (SECI)coreStrategic or Co-development Partner · 30 March 202610-year Green Ammonia Purchase Agreement signed for 60,000 tonnes annually at Rs 52.25 per kg. Total contract value approximately Rs 3,135 crore. Project to be developed in Sagar, Madhya Pradesh under National Green Hydrogen Mission.
• Tamil Nadu Green Energy Corporation Ltd (TNGECL)minorStrategic or Co-development Partner · 22 February 2026Oriana Power awarded 100 MWh BESS project in Tamil Nadu as part of first phase of 1,500 MWh battery storage project tender, with 40% viability gap funding from Union government.
• SplitwatersminorStrategic or Co-development Partner · 25 July 2024Partnership for green hydrogen development in India, combining Splitwaters' hydrogen technology capabilities with Oriana Power's solar expertise.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Tata Power Solar Systems: Tata Power Solar is India's largest rooftop and utility-scale solar EPC player with integrated BESS capability, serving industrial, commercial and government customers under EPC, CAPEX and RESCO models — directly comparable to Oriana's product mix and GTM.
• Sterling and Wilson Renewable Energy: Sterling and Wilson is one of India's leading solar EPC contractors with multi-GW execution across floating, ground-mounted and rooftop solar plus emerging BESS work — overlapping Oriana's core EPC/RESCO model across industrial and government tenders.
• Waaree Energies: Waaree is India's largest solar PV module manufacturer and EPC developer with utility-scale and rooftop execution across India, broadly comparable to Oriana's vertical span from module-integrated EPC to project development.
• Vikram Solar: Vikram Solar is an Indian-listed module-to-EPC player delivering ground-mounted, rooftop and floating solar under EPC and RESCO frameworks — closely aligned to Oriana's integrated solar platform and recent floating solar wins.
• Fourth Partner Energy: Fourth Partner Energy operates a RESCO/BOOT-led distributed solar model targeting industrial and commercial customers across India — directly comparable to Oriana's RESCO/SPV captive power positioning for cement and manufacturing off-takers.
• ACME Solar Holdings: ACME is a major Indian utility-scale solar IPP with growing BESS and green hydrogen ambitions — comparable to Oriana's pivot from pure EPC into IPP/SPV ownership plus hydrogen derivatives under the National Green Hydrogen Mission.

Broad incumbents

• Greenko Group: Greenko is one of India's largest renewable IPPs with diversified solar, wind and pumped hydro storage plus BESS — a broader incumbent with overlapping utility-scale, hybrid solar-plus-storage and storage franchise versus Oriana's emerging storage platform.
• Adani Green Energy: Adani Green is India's largest renewable energy developer with multi-GW operating capacity and aggressive BESS expansion — a broad incumbent against whom Oriana competes in SECI/central tenders for utility-scale solar and storage.
• JSW Energy: JSW Energy is a diversified Indian power generator expanding into renewable generation and BESS — relevant as a broader incumbent in tender competition, and notable because Pre-IPO investor Prashant Jain was associated with JSW Energy's investor base.

Regional players

• Borosil Renewables: Borosil Renewables is an Indian solar glass and module manufacturer serving upstream supply into the solar EPC value chain — adjacent infrastructure supplier that overlaps Oriana's India-focused solar deployment scale and customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/devashishboria1
• YouTubeyoutube.com/@OrianaPower
• Facebookfacebook.com/ORIANAPOWER
• Instagraminstagram.com/truereorianapower
• LinkedInlinkedin.com/company/oriana-power

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries22 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oriana Power