Oriana Power commits $510m to Maharashtra green hydrogen complex

TrueRE Oriana Power has signed a memorandum of understanding with the Government of Maharashtra to invest around INR 45 billion ($510 million) in an integrated green hydrogen, green ammonia and green methanol project in the western Indian state. The MoU was signed on 5 August 2026 in Mumbai and disclosed to the National Stock Exchange the following day.

The New Delhi-listed renewable energy company said the project will comprise “production facilities for Green Hydrogen and its downstream derivatives, including Green Ammonia and Green Methanol, in accordance with the applicable policies of the Government of Maharashtra, in a time-bound manner”. No specific site within Maharashtra was disclosed. Under the MoU the state government will help the company obtain approvals, permissions, registrations and fiscal incentives.

TrueRE is the brand under which Oriana Power Limited, listed on India’s National Stock Exchange, is repositioning from a solar engineering, procurement and construction (EPC) contractor into an integrated renewables and green-fuels producer. The company is led by founder, managing director and chief executive Rupal Gupta and is headquartered in New Delhi. It has set 2030 targets of 6 GW of solar EPC, 2.4 GW of solar power generation as an independent power producer, 20 GWh of battery energy storage and 1 million tonnes/year of green hydrogen and derivatives. It has also signed a licensed-manufacturing agreement with US-based Splitwaters for electrolyser and balance-of-plant technology, with a stated ambition to build a domestic electrolyser gigafactory.

Oriana already flagged the Maharashtra site earlier this year. Speaking to Renewable Watch in January 2026, Gupta said: “We are currently developing three such large-scale projects, including a 60,000 metric tonnes per annum green ammonia project for a fertiliser company based in Madhya Pradesh; a 225 tonnes per day e-methanol plant under development in Uttar Pradesh; and a similar project with comparable planning in Maharashtra.”

The Maharashtra MoU follows a run of state-level agreements as Oriana builds a pipeline under India’s National Green Hydrogen Mission. The company has signed MoUs with the Government of Rajasthan for INR 100 billion ($1.13 billion) in integrated renewable energy, with the Government of Madhya Pradesh for INR 50 billion ($567 million), and with the Government of Assam for INR 5 billion ($57 million), according to its November 2025 investor presentation.

Its flagship green ammonia contract is in Madhya Pradesh. In March 2026, TrueRE Oriana Power signed a 10-year green ammonia purchase agreement with Solar Energy Corporation of India (SECI) at a discovered price of INR 52.25 per kg for 60,000 tonnes/year, with a total contract value of about INR 31.35 billion ($355 million). Madhya Bharat Agro Products Ltd, a phosphatic fertilizer producer based in Sagar, Madhya Pradesh, is the end offtaker. The Sagar plant is Oriana’s own build.

For Maharashtra, no timeline, capacity, offtake arrangement or downstream customer has been disclosed.