Ayana Renewable Acquires Solar Assets Worth 40 MW in Karnataka

Ayana Renewable Power has announced the acquisition of a 100 percent equity stake in two First Solar developed solar plants, with a total capacity of 40 MW.

Ayana Renewable Power Private Limited (Ayana) has announced the acquisition of a 100 percent equity stake in two First Solar developed photovoltaic (PV) solar power plants, with a total capacity of 40 megawatts (MW) ac.

Terms of the transaction, which was closed on July 24, 2020, were not disclosed.

Ayana has acquired the two projects, located in Karnataka, India, as part of its strategic mission to deliver high-quality projects organically and inorganically, to create value for its shareholders. The two facilities, which are powered by First Solar’s high-performance thin-film modules and have been operational for more than two years, are connected to Karnataka’s 110KV transmission network.

Shivanand Nimbargi, MD and CEO of Ayana, said “this is the first step in Ayana’s long journey of acquiring high-quality operating renewable assets. With USD 330 million committed equity, Ayana will continue to pursue similar opportunities for acquisition and focus on inorganic growth.”

Under 25-year Power Purchase Agreements (PPAs), the plants supply energy to two of the state’s electricity distribution companies, Chamundeshwari Electricity Supply Corporation Ltd and Gulbarga Electricity Supply Company Ltd. The plants displace as much as 0.7million metric tonnes of CO2-equivalent per year.

“Ayana’s acquisition of these high-quality assets validates the consistently reliable performance of our advanced PV modules in real-world conditions,” said Sujoy Ghosh, Vice President, India and Asia Pacific (APAC), First Solar. “We thank Ayana for its trust and look forward to other opportunities to support their growth plans.”

Ayana has been set up to develop and operate renewable power generating plants. It is in the process of developing 1100 MW of projects that were awarded under auctions by Central Government agencies. Shareholders of Ayana include Green Growth Equity Fund, CDC Group UK, National Investment and Infrastructure Fund (NIIF); Each of the shareholders are backed by multiple Limited Partners and General Partners globally, including the Government of India. The shareholders have committed USD 330 million for Ayana’s ambitious growth plans.

In June, we had reported that Ircon International Limited, formerly Indian Railway Construction Limited, had signed a pact with the National Investment and Infrastructure Fund Limited (NIIFL) and Ayana Renewable Power for exploring opportunities in the solar energy segment.

“Through this collaboration, we are diversifying our business in the solar energy sector. Further, this collaboration is aligned with the Government of India’s policies on the renewable energy sector and we believe the solar energy sector has enormous opportunities. We hope our association with Ayana and NIIFL to explore projects in the solar energy sector will be rewarding to all stakeholders,” Ircon Chairman & Managing Director SK Chaudhary had said.