A leading solar energy company saw its stock surge by 9% following the signing of a memorandum of understanding (MoU) with the Rajasthan government. The MoU focuses on the development of renewable energy projects, including solar power, floating solar, green hydrogen, and energy storage solutions, with a total project value of Rs.10,000 crore.
Price Variation
During Tuesday’s trading session, Oriana Power Ltd’s share price surged remarkably to an intra-day high of Rs.2,699.95 per share, rising 8.8 percent from its previous close of Rs.2,481.65 apiece. The price has since retreated and is currently trading at Rs.2,620.60 per share.
What happened
Oriana Power has signed a memorandum of understanding (MoU) with the Government of Rajasthan as part of the “Rising Rajasthan 2024” initiative to explore renewable energy investment opportunities.
The projects, which cover solar power, floating solar, green hydrogen, and energy storage solutions, are valued at Rs.10,000 crore. The company emphasized that this collaboration supports its strategic vision to drive India’s renewable energy ambitions and position Oriana Power as a leader in clean energy infrastructure.
The MoU marks a significant step forward in advancing the company’s initiatives in cutting-edge technologies like green hydrogen and energy storage.
Capacity Expansion
Oriana Power is focused on expanding its renewable energy capacity, with over 1,500 MW in the pipeline and 518 MW under execution. The company has set a target to achieve 1 GW of renewable energy capacity by 2026. Additionally, Oriana Power is working towards developing a green hydrogen and e-fuel capacity of 50,000 MTPA.
Also read….
Strategic Initiatives
Oriana Power has recently made significant strides in renewable energy projects. The company signed an MoU with a hydrogen off-taker to secure 100% of its green hydrogen production, amounting to 350 kg per day.
It also developed a 2.7 MW floating solar plant at the Daroli Limestone mines and commissioned a 4.5 MW solar power project at India’s largest copper deposit in Malanjhkhand (MP), which was recognized as a landmark project by the Ministry of Mines.
Additionally, Oriana Power entered into an MoU with one of India’s largest school chains to transition around 800 buses to green hydrogen-powered buses nationwide.
Financial Performance
In its financial update for the quarter ending September 2024, Oriana Power Ltd reported revenue from operations of Rs.360 crore, marking a remarkable 462 percent increase from Rs.64 crore in Q2 FY24. Net profit saw a significant incline of 717 percent, to Rs.49 crore from Rs.6 crore in the same period.
Company Overview
Oriana Power Limited, established in 2013, is an Indian renewable energy company specializing in solar energy solutions. The company has rapidly emerged as a key player in the solar industry, offering a range of services including engineering, procurement, and construction (EPC) as well as renewable energy service company (RESCO) models.
Written by – Siddesh S Raskar
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
Start Your Stock Market Journey Today!
Want to learn Stock Market trading and Investing? Make sure to check out exclusive Stock Market courses by FinGrad, the learning initiative by Trade Brains. You can enroll in FREE courses and webinars available on FinGrad today and get ahead in your trading career. Join now!!