EXECUTIVE SUMMARY
Two Letters of Award from MSEDCL cover 900 MW/1,800 MWh of battery storage across Maharashtra, valued at approximately INR 3,870 crore. The projects carry 15-year agreements, with separate tariffs for 500 MW and 400 MW installations. Oriana Power expects INR 324 crore in viability gap funding.
Company: Oriana Power Limited
Awarding authority: MSEDCL
Capacity: 900 MW/1,800 MWh
Project value: INR 3,870 crore
Awards: 500 MW/1,000 MWh and 400 MW/800 MWh
Agreement: 15 years
Tender share: 45%
Oriana Power Limited, an Indian renewable energy company, has secured two Letters of Award (LoAs) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for battery energy storage system (BESS) projects across Maharashtra. The awards cover a combined capacity of 900 MW/1,800 MWh and represent an aggregate project value of approximately INR 3,870 crore, according to the company's regulatory filing.
The projects will operate under 15-year Battery Energy Storage Purchase Agreements (BESPAs), beginning from their respective commercial operation dates. Both contracts were awarded through an e-reverse auction under a tariff-based, globally competitive bidding process. The projects are supported by viability gap funding (VGF) under the Central Government's Power System Development Fund scheme.
MSEDCL tendered a total capacity of 2,000 MW/4,000 MWh. Oriana Power secured 45% of this capacity through two separate awards. The installations will be connected to substations associated with Maharashtra's electricity distribution and transmission infrastructure.
The larger award covers a 500 MW/1,000 MWh BESS linked to Maharashtra State Electricity Transmission Company Limited (MSETCL) substations. It carries a levelised tariff of INR 2,38,000 per MW per month. The contract is valued at approximately INR 2,142 crore over 15 years, equivalent to nearly INR 142.80 crore annually.
The second award covers a 400 MW/800 MWh BESS connected to MSEDCL substations. Its levelised tariff is INR 2,40,000 per MW per month. The agreement represents an estimated value of INR 1,728 crore over the 15-year contract period, corresponding to INR 115.20 crore annually. Both tariffs exclude Goods and Services Tax (GST).
Together, the two contracts represent approximately INR 258 crore in annual contractual revenue, based on the disclosed tariffs and awarded capacities. The combined value over the 15-year agreement period is approximately INR 3,870 crore.
On the financing side, Oriana Power expects to receive INR 324 crore in viability gap funding based on its current project cost assessments. This anticipated funding is intended to support the development of the awarded battery storage capacity.
The awards establish a substantial new BESS development commitment for Oriana Power in Maharashtra. The combined installations provide two hours of storage at their rated power capacity and will operate within the state's electricity infrastructure.
The projects also form part of MSEDCL's wider 2,000 MW/4,000 MWh battery storage procurement. The awards establish the contractual framework for Oriana Power's participation, with the 15-year agreement periods commencing from the respective commercial operation dates. The supplied disclosure does not specify construction schedules, commissioning dates or battery technology.