Ayana To Invest Rs 12000cr for 2 GW RE Projects in Karnataka

Ayana Renewable Power Pvt Ltd (Ayana) is expanding its green energy business in Karnataka as the company announced that it will set-up renewable energy projects totaling 2 gigawatts (GW) with an investment of Rs 12,000 crore.

The official statement of Ayana said that the company has signed an expression of interest with the government of Karnataka to develop wind and solar power projects totaling 2 (GW) capacity with an investment of around Rs 12,000 crore. It maintained that at present, Ayana has an operational portfolio of 340 megawatt-alternate current (MWAC) in the state of Karnataka.

As per Ayana the intended addition of 2 GW of green energy capacities should be able to provide clean energy for about 2 million households.

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“Karnataka is a big pull for the renewable energy industry, and we are pleased to have partnered with it to expand the sector further,” said Shivanand Nimbargi, Managing Director & Chief Executive Officer, Ayana Renewable Power. He also added that under its Renewable Energy Policy 2022-27, Karnataka has a target of developing 10 GW of additional renewable energy projects and Ayana is keen to be a part of that push.

The National Investment and Infrastructure Fund (NIIF) is a majority stakeholder in Ayana which is headquartered in Bengaluru. The British International Investment (BII) and Green Growth Equity Fund (GGEF) are other shareholders in the renewable power company. GGEF is managed by EverSource Capital.

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Currently, Ayana has a portfolio of 2.19 GW of Solar PV Projects across the states of Andhra Pradesh, Karnataka and Rajasthan. It recently collaborated with the Greenko Group to develop a 6 GWh hydro pump storage plants at Andhra Pradesh’s Pinnapuram.