Oriana Power has completed the first tranche of its proposed divestment of a 74% equity stake in its subsidiary Truere Guj SPV Private Limited (T Guj) to Leo Energies Private Limited, formerly known as Helioact Power India 1 Private Limited, a group entity of Actis GP LLP.
The subsidiary owns a solar project with an aggregate capacity of approximately 70 MWp, along with 30 MWh of Battery Energy Storage System (BESS) capacity.
Oriana Power said it has received the consideration for the first tranche of the proposed divestment. The enterprise value of T Guj is approximately ₹325 crore, subject to closing adjustments in accordance with the Share Purchase Agreement (SPA) and subsequent amendments.
The consideration has been determined after making the applicable adjustments to the enterprise value under the terms of the SPA.
The first tranche has been completed in accordance with the agreed terms and conditions. The remaining tranches, where applicable, will be undertaken subject to the SPA, applicable approvals and other conditions.
Oriana Power said the transaction supports its asset-recycling and monetisation strategy, while strengthening its balance sheet and liquidity position. The proceeds are expected to be redeployed into the company’s growing pipeline of solar, open-access and BESS projects.
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