Oriana Power Limited’s Board of Directors has approved the issuance of a corporate guarantee covering 74% of a ₹460 crore working-capital facility being availed by its subsidiary, Oriana Usolar Joint Venture Private Limited.
According to a regulatory filing, the corporate guarantee will be provided in favour of State Bank of India (SBI) as security for the working-capital facility. The facility will support the development of a 234 MW (AC) grid-connected floating solar photovoltaic (FSPV) project at the DVC Maithon Dam Reservoir in Jharkhand.
The floating solar project was awarded by Damodar Valley Corporation (DVC), with Oriana Power undertaking the engineering, procurement and construction (EPC) work.
The corporate guarantee will become effective after receiving approval from Oriana Power’s shareholders. It will remain valid for the tenure of the working-capital facility, which has an initial period of 12 months and may be renewed annually. The facility is repayable on demand.
Oriana Power said the guarantee is being issued on an arm’s-length basis. The company also stated that its promoter, promoter group and group companies have no interest in the transaction.
Oriana Power has secured the 234 MW floating solar project at the Maithon Dam Reservoir in Jharkhand and has received purchase orders for its execution.
The project involves the development of a grid-connected floating solar PV plant and includes the supply of plant and equipment, EPC services, and long-term operation and maintenance (O&M).
The overall contract value is estimated at approximately ₹1,180.53 crore, including GST. The order comprises three separate contracts covering the supply of plant and equipment, EPC services, and long-term O&M.
The project is expected to contribute to the expansion of floating solar capacity in Jharkhand while supporting the development of large-scale renewable energy infrastructure at the DVC reservoir.
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