Oriana Power Limited has secured two Letters of Award (LOAs) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for setting up a combined 900 MW/1,800 MWh Battery Energy Storage System (BESS) capacity in Maharashtra. The awards were issued on September 18, 2026, following a tariff-based global competitive bidding process supported by Viability Gap Funding (VGF) under the Power System Development Fund (PSDF) scheme and conducted through an e-reverse auction.
MSEDCL had floated a total tender capacity of 2,000 MW/4,000 MWh for the projects. Oriana Power emerged as the successful bidder for 900 MW/1,800 MWh, representing nearly half of the tendered capacity.
The first award covers a 500 MW/1,000 MWh BESS system to be located at Maharashtra State Electricity Transmission Company Limited (MSETCL) substations. The project was awarded at a tariff of Rs. 2,38,000 per MW per month, excluding Goods and Services Tax (GST). The second award is for a 400 MW/800 MWh BESS system at MSEDCL substations, with a tariff of Rs. 2,40,000 per MW per month, excluding GST.
The combined estimated consideration for both projects over the 15-year Battery Energy Storage Purchase Agreement (BESPA) period is approximately Rs. 3,870 crore. The 500 MW project is estimated to generate around Rs. 2,142 crore over the contract period, equivalent to approximately Rs. 142.80 crore annually. The 400 MW project is expected to contribute around Rs. 1,728 crore, or approximately Rs. 115.20 crore annually.
Based on current project cost estimates, Oriana Power expects to receive approximately Rs. 324 crore in VGF support for the two projects. The 15-year operational period for each BESS project will commence from its respective Commercial Operation Date (COD), following execution of the final BESPAs.
Oriana Power stated that MSEDCL is a domestic entity and confirmed that neither its promoter group nor related parties have any interest in MSEDCL. Accordingly, the transactions do not constitute related party transactions.
Commenting on the win, Rupal Gupta, Founder, MD & CEO, TrueRE Oriana Power, said, “The award of 900 MW / 1,800 MWh of BESS capacity by MSEDCL marks an important milestone in TrueRE Oriana Power’s journey. This new win reflects our capabilities in the renewable energy and energy storage value chain and will further strengthen our presence in the utility-scale BESS segment.”
