Oriana Power signs Rs 10,000 crore MoU with Rajasthan govt, almost double its m-cap; shares up 9%

Over the past year, shares of Oriana Power surged 428 percent, as compared to Nifty 50's 12-month run of 14 percent.

Shares of SME renewable energy solutions player Oriana Power surged nine percent in trade after signing an Memorandum of Understanding (MoU) with Government of Rajasthan for various renewable energy projects worth Rs 10,000 crore.

Interestingly, the MoU of Rs 10,000 crore is nearly double of this SME player's total market of Rs 5,344 crore.

The firm signed an MoU with the Government of Rajasthan under the "Rising Rajasthan 2024" initiative to explore investment opportunities in renewable energy projects. These include solar power, floating solar, green hydrogen, and energy storage solutions.

"This aligns with our strategic vision to contribute to India's renewable energy goals and establish Oriana Power as a leader in clean energy infrastructure," noted the firm.

The discussions with the Government of Rajasthan to identify potential renewable energy investment opportunities kicked off in November 2024. Following this, Oriana Power finalized the agreement on the scope of collaboration, culminating in the formal signing of the MoU on December 04, 2024.

At 12.30 pm, shares of the firm were quoting Rs 2,625.05, higher by 5.8 percent on the NSE SME platform.

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The MoU under "Rising Rajasthan 2024" represents a major step in advancing Oriana Power's renewable energy initiatives, focusing on cutting-edge technologies such as green hydrogen and energy storage solutions.

"However, it is important to note that an MoU is a preliminary framework for collaboration and does not immediately result in definitive financial commitments or project execution," said the firm in an exchange filing.

Volumes spurted on the counter as over one lakh shares of the small-cap player were exchanged in trade on December 17, as compared to the one-month traded average of 67,000 shares. Over the past year, shares of Oriana Power surged 428 percent, as compared to Nifty 50's 12-month run of 14 percent.

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