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Oriana Power to Raise INR 75 Crore Through Issue of NCDs

Oriana Power’s Board has approved the private placement issue and allotment of INR 75 crore worth of rated, secured, redeemable non-convertible debentures to select investors.

January 07, 2026. By Mrinmoy Dey

Renewable Energy EPC company Oriana Power has announced that its Board of Directors has approved the issue and allotment of non-convertible debentures (NCDs) worth INR 75 crore, on a private placement basis.

“The Board of Directors of Oriana Power has considered and approved the issue and allotment of 7,500 rated, unlisted, senior, secured, redeemable, transferable, non-convertible debentures having a face value of INR 1 lakh each, aggregating to INR 75 crore on a private placement basis,” the company stated in a regulatory filing.

The debentures will be issued on a private placement basis to select investors and will not be listed on any recognised stock exchange. The allotment date will be finalised by the Board after subscription is completed and funds are received, it said.

The instruments will carry a fixed coupon rate of 11.65 percent per annum, with interest payable on a monthly basis. The tenor is up to 48 months from the deemed date of allotment, with the exact maturity date determined upon final allotment and confirmed tenure, the filing noted, further adding that redemption will be at par and that the payout will include outstanding principal, accrued interest, applicable penalties, and any additional charges, if applicable.

The issuance will be secured through multiple layers of security and credit enhancement. This includes a second-ranking charge via hypothecation over the company’s current assets and unencumbered movable fixed assets. In addition, shares of identified subsidiaries held by Oriana Power will be pledged up to 0.50x of the issuance amount.

Further security cover includes a charge over an escrow account and identified receivables from specified third-party EPC entities or project SPVs, undated cheques equivalent to 1x the issuance amount, and personal guarantees from the promoters. A debt service reserve account of INR 5.6 crore will also be maintained, it said.

The debentures include embedded put and call options, with no prepayment premium. The initial debenture holders, majority holders, or the debenture trustee may exercise the put option. The first put window opens on June 30, 2027, with an additional 30-day period, and subsequently every six months thereafter within a similar 30-day window. Once exercised, the company is required to redeem or prepay the debentures within 15 days of receiving the notice, stated the filing.

It further added that the company may exercise the call option starting December 31, 2027, with further call opportunities every six months thereafter, with redemption or prepayment to be completed within 15 days of issuing the call notice.

In October 2025, the company received a Letter of Award (LoA) worth INR 217.45 crore from SJVN for setting up a 50 MW (AC) grid-interactive solar PV power project to be developed in Gujarat under GUVNL Phase XXII.

In August 2025, Oriana Power emerged as the successful bidder in Solar Energy Corporation of India’s (SECI) green ammonia auction. Oriana Power will supply 60,000 TPA of green ammonia to Madhya Bharat Agro Products’ plant in Sagar, Madhya Pradesh at a price of INR 52.25/kg.

In March 2025, Oriana Power signed an INR 500 crore MoU with the Assam government to develop solar and battery energy storage projects in Kamrup district of Assam, during the Advantage Assam 2.0 Investment and Infrastructure Summit 2025 held in Guwahati, Assam.

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Oriana Power

Oriana Power fundraise

non convertible debentures

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Oriana Power to issue NCDs

Private placement investment