TrueRE Oriana Power Limited has secured two Letters of Award (LOAs) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) to develop a combined 900 MW / 1,800 MWh Battery Energy Storage System (BESS) capacity across Maharashtra, in a deal valued at approximately Rs 3,870 crore over 15 years, excluding GST.
The awards mark a significant expansion for the renewable energy company into Maharashtra’s utility-scale battery storage market as the state looks to strengthen its grid and integrate more renewable power.
The project comprises two separate components.
The first is a 500 MW / 1,000 MWh standalone BESS project to be developed 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.
The second involves a 400 MW / 800 MWh BESS project at MSEDCL substations, awarded at a tariff of Rs 2,40,000 per MW per month under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0), Maharashtra’s flagship programme aimed at decentralised solarisation of agricultural feeders.
Commenting on the win, Rupal Gupta, Founder, MD & CEO, TrueRE Oriana Power, said, “As India’s power system integrates increasing volumes of renewable energy, storage will play a critical role in improving flexibility, reliability and the ability to match generation with demand. 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.
"We have a disciplined project selection approach that supports sustainable growth, healthy operational profitability, and a strong portfolio of projects on the ground that boost our long-term growth trajectory.”
The projects were awarded through a tariff-based global competitive bidding process followed by an e-reverse auction, with Viability Gap Funding (VGF) support under the Power System Development Fund (PSDF) scheme.
TrueRE Oriana Power expects to receive approximately Rs 324 crore in VGF, based on the current estimated project cost.
The projects will operate under Battery Energy Storage Purchase Agreements (BESPAs) for 15 years from their respective Commercial Operation Dates. The scheduled commissioning dates will be finalised in accordance with the respective BESPAs, which are yet to be executed.
The latest awards will also expand TrueRE Oriana Power’s capabilities across the development, deployment and operation of grid-scale storage assets.
With renewable power accounting for a growing share of India’s electricity mix, the company said it remains focused on building generation, storage and integrated energy infrastructure to support the country’s next phase of energy transition.
