Ayana Renewable completes acquisition of 250 MW PV assets from Acme Solar


Ayana Renewable Power, a Bengaluru-based renewable energy platform majority controlled by National Investment and Infrastructure Fund (NIIF), today announced it has closed the deal to acquire Acme Solar’s 250 MW AC of solar power plants in the Indian State of Rajasthan. With this transaction, Ayana is now developing and managing close to 3 GW AC of renewable energy.

Ayana has acquired 100% of the equity stake in the solar energy plant developed and operated by Acme located in Jodhpur, India, as part of its strategic mission to increase renewable energy production in the country.

The plant is connected to the inter-state transmission system and supplies power to Maharashtra State Electricity Distribution Company Ltd (MSEDCL) under a long-term power purchase agreement (PPA). It adds to Ayana’s high-quality portfolio of renewable energy assets built organically and inorganically to create value for its stakeholders. At the same time, Acme completed another strategic divestment of its operating solar asset to unlock value from long-term assets.

Shivanand Nimbargi, managing director and chief executive officer of Ayana, commented, “We are delighted to complete the transaction and addition of 250 MW solar capacity to our portfolio. In line with our aspiration to be India’s leading renewable energy player, we will continue to pursue acquisition opportunities at scale over the next few years.” 

Ernst and Young acted as the financial and tax advisor for the transaction, and Luthra & Luthra acted as the legal advisor for Ayana. 

Manoj Upadhyay, Founder & Chairman of Acme, said “This transaction is a testimony of the quality of solar assets ACME has built and long term faith of investors in the Solar Power sector in India. ACME’s core strength is bringing innovation through design and engineering and build quality solar assets to deliver solar power at the most competitive prices to the utilities and creating value for its shareholders.”

Founded in 2018, Ayana is also backed by CDC Group, UK’s development finance institution, and EverSource Capital managed Green Growth Equity Fund (GGEF). The platform develops utility-scale renewable power solar and wind generation projects across India to build cost-effective capacity. NIIF, CDC, and GGEF as shareholders bring complementary strengths to the platform that has been built with a strong focus on governance and compliance.

Ayana is currently engaged in the development and management of 2.99 GW of renewable energy capacity across multiple Indian states and has a strong pipeline of renewable energy opportunities. 

Acme is one of the largest solar IPPs in India with a well-diversified portfolio aggregating to 4.25 GW spread across multiple states and with a healthy mix of central and state utilities. Acme group was established in 2003 by Manoj Kumar Upadhyay, an innovator and technologist having 24 years of experience in successfully scaling up businesses in the energy, telecommunications, and technology space. ACME is also developing one of Asia’s largest single-site green hydrogen plants in Oman.


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