Oriana Power has approved the issue and allotment of non-convertible debentures (NCD) aggregating to ₹750 million (~$9.04 million). The company will issue 7,500 rated, unlisted, senior, secured, redeemable, and transferable NCDs, each having a face value of ₹100,000 (~$1,205).

The debentures are proposed to be issued on a private placement basis to identified investors and are not proposed to be listed on any recognized stock exchange. The Board will finalize the allotment date after the subscription is completed and funds are received.

The debentures will carry a fixed coupon of 11.65% per annum, with interest payable monthly. The tenor of the instrument is up to 48s months from the deemed date of allotment, and the maturity date will be determined based on the final allotment date and confirmed tenure.

The redemption value will be at par, and the redemption amount will include the outstanding principal, accrued interest, any penalty charges, and other applicable fees, if any.

The issue will be secured through a multi-layered security and credit enhancement structure. This includes a second-ranking charge by way of 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 to the extent of 0.50 times the issuance amount.

The debentures will also be backed by a charge over an escrow account and identified receivables from specified third-party engineering, procurement, and construction entities or special-purpose vehicles.

Further security includes undated cheques equivalent to 1x the issuance amount and personal guarantees from the promoters. A debt service reserve account of ₹56 million (~$670,000) will also be maintained.

The debentures carry embedded put and call options, with no prepayment premium. The initial debenture holders may exercise the put option, the majority debenture holders, or the debenture trustee.

The first option is available on June 30, 2027, or within 30 days thereafter. After this, options can be exercised every six months, again within a 30-day window. Once the put option is exercised, the company must redeem or prepay the debentures within 15 days of receiving the notice.

The company may exercise a call option starting on December 31, 2027, with additional options available every six months thereafter. Redemption or prepayment must be made within 15 days of receiving the call notice.

Oriana Power has commissioned more than 400 MW and has a pipeline of more than 1,800 MW.

Last August, Oriana Power won Solar Energy Corporation of India’s auction to supply 60,000 tons per annum of green ammonia under the Strategic Interventions for Green Hydrogen Transition program (Mode-2A-Tranche-I).

In June 2025, Oriana Power emerged as one of the winners for Tamil Nadu Green Energy Corporation’s auction to set up 500 MW/1,000 MWh standalone battery energy storage system projects in six locations in Tamil Nadu on a build-own-operate basis, winning 50 MW/100 MWh at a tariff of ₹246,000 (~$2,856.81)/MW/month.