Oriana Power secures EPC contract for 234 MW floating solar plant in Jharkhand
Type: Supply Agreement · Technology: Solar · Country: India · Capacity: 234 MW · Announced: 2026-03-09
Oriana Power secured an INR 1,180.53 crore contract for the supply of plant and equipment, EPC, and long-term operation and maintenance of a 234 MW grid-tied floating solar PV plant at the Maithon Dam Reservoir of Damodar Valley Corp.
Analysis
The USD 1,180.53 million contract awarded to Oriana Power for a 234 MW floating solar plant at Maithon Dam Reservoir represents a substantial capital outlay for Damodar Valley Corporation's renewable expansion, equating to approximately USD 5.04 million per megawatt. This supply agreement covers the full EPC scope, including plant and equipment, alongside long-term operation and maintenance, locking in Oriana Power for the project's lifecycle in Jharkhand. The comprehensive nature of the contract, encompassing both construction and ongoing O&M, provides DVC with a single point of accountability for the grid-tied facility. Oriana Power secures a significant revenue stream and project pipeline through this bundled service offering. The floating solar technology choice for the Maithon Dam Reservoir leverages existing water bodies, optimizing land use for this large-scale 234 MW capacity. For Oriana Power, a Gurugram, India-based solar solutions provider founded in 2017, this USD 1,180.53 million contract for 234 MW dramatically scales its project execution track record, which previously stood at over 100 MW. This single project more than triples its reported executed capacity, moving it from an industrial and commercial focus into large-scale utility projects. Damodar Valley Corporation, a government-owned power generation company primarily known for thermal and hydel assets, advances its stated expansion into renewable energy sources with this 234 MW floating solar development in Maithon, Jharkhand. This project demonstrates DVC's commitment to diversifying its generation mix beyond its traditional portfolio. The deal, announced on 2026-03-09, positions Oriana Power as a key EPC and O&M partner for India's public sector entities pursuing renewable energy mandates.
Key points
- USD 1,180.53 million contract value for Oriana Power.
- 234 MW floating solar capacity at Maithon Dam Reservoir.
- Oriana Power's executed capacity more than triples from over 100 MW.
- Damodar Valley Corporation, a government-owned entity, expands into renewable energy.
- Contract includes EPC, supply, and long-term O&M for the Jharkhand project.
Counterparties
- Oriana Power (Epc)
- Damodar Valley Corporation (Developer)