Ayana Renewable acquires 40 MW PV projects from First Solar

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Bengaluru-based Ayana Renewable Power has announced the acquisition of a 100% equity stake in two First Solar-developed solar power plants with a total capacity of 40 MW (AC). 

The two plants, located in Karnataka, are powered by First Solar’s high-performance thin-film modules and have been operational for more than two years.

The plants are connected to Karnataka’s 110KV transmission network. Under 25-year power purchase agreements, these supply electricity 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 0.7 million metric tonnes of CO2-equivalent per year. 

Ayana has acquired the two projects, as part of its strategic mission to deliver high-quality projects organically and inorganically, to create value for its shareholders, a company statement said.

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

“Ayana’s acquisition of these high-quality assets validates our advanced PV modules’ consistently reliable performance in real-world conditions,” said Sujoy Ghosh, Vice President, India and Asia Pacific (APAC), First Solar. 

Ayana was founded in January 2018 by U.K. government-owned development finance institution CDC Group to develop renewable energy projects in India. Last year in February, the National Investment and Infrastructure Fund of India (NIIF) and Eversource Capital, along with Ayana-promoter CDC Group, announced a $330 million investment in the renewable firm.

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