Oriana Power bags ₹188.61 crore BESPA win
In a significant development for the renewable energy sector, Oriana Power’s subsidiary, Truere Knight, has secured a massive ₹188.61 crore Battery Energy Storage Purchase Agreement (BESPA) with Rajasthan Rajya Vidyut Utpadan Nigam Limited. This monumental win underscores Oriana Power’s commitment to innovative energy solutions and its growing presence in the Indian renewable energy landscape.
Under the terms of the agreement, Oriana Power will establish a 50 MW/100 MWH Battery Energy Storage System (BESS) in Jaipur, Rajasthan. The project will be executed under a Build-Own-Operate (BOO) model, with an investment of ₹188.61 crore. Interestingly, the project will also receive ₹27 crore Viability Gap Funding (VGF) from the government.
The BESS project is expected to be completed within an 18-month timeframe, following which it will provide 12 years of revenue to Oriana Power. The project’s significance lies in its ability to boost Rajasthan’s grid and ensure a stable power supply to the state’s residents and industries.
The BESPA win marks a major milestone for Oriana Power, which has been aggressively pursuing opportunities in the renewable energy sector. The company’s focus on innovation and sustainability has enabled it to stay ahead of the curve and secure significant contracts in the Indian energy market.
The Rajasthan government’s decision to partner with Oriana Power for this project is a testament to the state’s commitment to promoting renewable energy and reducing its carbon footprint. The government’s VGF support for the project demonstrates its willingness to encourage private sector participation in the renewable energy sector and promote sustainable development.
The Oriana Power-BESPA project is also expected to generate employment opportunities and stimulate local economic growth. The project’s construction phase is likely to create jobs for hundreds of skilled and unskilled workers, while its operation phase will ensure a stable source of revenue for the local community.
The Indian renewable energy sector has been experiencing rapid growth in recent years, driven by government initiatives and declining costs of solar and wind energy. The sector’s growth is expected to continue, with the government setting ambitious targets for renewable energy adoption.
Oriana Power’s BESPA win is a significant development in this context, as it underscores the company’s ability to adapt to changing market conditions and capitalize on emerging opportunities. The company’s focus on innovation and sustainability has enabled it to stay ahead of the curve and secure significant contracts in the Indian energy market.
In conclusion, Oriana Power’s ₹188.61 crore BESPA win is a significant development for the Indian renewable energy sector. The project’s significance lies in its ability to boost Rajasthan’s grid, ensure a stable power supply, and promote sustainable development. Oriana Power’s commitment to innovation and sustainability has enabled it to secure this major contract, which is expected to generate significant revenue and employment opportunities for the local community.
