Ayana Renewable Power Private Limited (“Ayana”) today announced the acquisition of a 100% 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.
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 0.7 million metric tonnes of CO2-equivalent per year.
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$ 330Mn 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 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.”
The transaction legal and financial advisors representing Ayana are IndusLaw Associates and BDO India LLP. India InfraDebt Limited financed the acquisition. DSK legal advised First Solar on finalizing the share purchase agreements and deal closing activities.