A 20 MWh BESS will be paired with Dynospark's 25 MW AC/36.25 MW DC solar project in Rajasthan under an open access captive arrangement. Oriana Power has approved an STSA under which JK Lakshmi Cement will acquire 26% of Dynospark and procure power from the solar-plus-storage project for its captive consumption.
SNAPSHOT
Oriana Power Limited - The promoter currently owns Dynospark and will retain 74% after the proposed share transfer.
Dynospark Private Limited - The project company is developing a 25 MW AC/36.25 MW DC solar plant with a 20 MWh BESS in Rajasthan.
JK Lakshmi Cement Limited - The captive user plans to acquire 26% of Dynospark and procure power from the solar-plus-storage project for captive consumption.
National Stock Exchange of India Limited - Received Oriana Power's Regulation 30 disclosure concerning the proposed transaction.
Oriana Power Limited, an India-based renewable energy developer, has approved execution of a Share Transfer and Shareholders' Agreement (STSA) with Dynospark Private Limited and JK Lakshmi Cement Limited for a captive solar-plus-storage project in Rajasthan. Dynospark is developing a 25 MW AC/36.25 MW DC PV project with a 20 MWh BESS under the open access mechanism.
The storage system is part of the same captive generation project from which JK Lakshmi Cement plans to procure electricity. The arrangement combines the BESS with the solar plant rather than treating storage as a separate standalone project, while the filing does not provide further details regarding BESS architecture.
JK Lakshmi Cement will acquire equity shares in Dynospark so that it holds 26% of the project company's total paid-up equity share capital, while Oriana Power will retain the remaining 74%. Oriana currently holds 100% of Dynospark, including through its nominee, and the exact number of shares to be transferred will be determined at the relevant time based on Dynospark's prevailing equity structure.
The proposed structure is intended to support captive power procurement and facilitate compliance with captive generating plant requirements under the Electricity Act, 2003 and Electricity Rules, 2005. The transaction is expected to be completed in one or more tranches within three months, with consideration of up to INR 16 crore to be received by Oriana Power.
During the STSA term, Oriana Power will retain the right to appoint and remove directors of Dynospark. It also cannot cause any further issuance of equity shares or securities in the project company without prior written approval from JK Lakshmi Cement.