Oriana Power and Invest Alberta Ink MOU to Explore and Develop Renewable Energy
This collaboration marks a significant milestone in Oriana's global expansion strategy and Alberta's transition toward a sustainable, low-carbon future.
Under this MOU, Oriana and IAC intend to develop a vertically integrated renewable energy complex. Additionally, Oriana may consider phased investment opportunities in the projects initially ranging from $300 million USD to $500 million USD, with the potential to scale to a $1 billion USD investment within five years, dependent upon the identification of viable business projects.
IAC will support Oriana in: Navigating provincial programs and optimizing collaboration with the Alberta Government.
Building connections with domestic and international stakeholders.
Facilitating partnerships with Alberta's post-secondary institutions to develop a skilled talent pipeline.
Quotes:
'Alberta is emerging as a key market for Oriana. During the Stampede, I engaged with renewable energy and hydrogen industry leaders and saw firsthand the province's incredible potential. Calgary, in particular, stands out as a vibrant, globally connected city for trade and clean energy investment. We are excited to partner with IAC to bring world-class renewable energy innovation to Canada. This collaboration represents not just an intention to invest in clean energy, but in people, communities, and the shared future of both India and Alberta.' – Mr. Anirudh Saraswat, Chief Business Officer of Oriana.
'This partnership aligns with Alberta's strategy to attract global leaders in clean technology and renewables in order to create jobs and diversify the Alberta economy. Oriana's intention to explore opportunities in Alberta has the potential to contribute to sustainable economic growth and support the province's continued leadership in the global energy transition.' -Rick Christiaanse, CEO, Invest Alberta.
About Oriana Power Limited:Oriana Power Limited is a leading Renewable Energy Independent Power Producer (IPP) headquartered in India, focused on utility-scale solar, battery storage, green hydrogen, and compressed biogas projects. Oriana is committed to building sustainable energy assets that support national and global decarbonization efforts.With a strong commitment to sustainability and innovation, Oriana currently owns and operates 500 MW of solar assets and set to achieve 2 GW by end of Next year.
As a TrueRE company, Oriana is actively expanding across various clean energy technologies.
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