Ayana Renewable Acquires Solar Assets Worth 40 MW in Karnataka

• Ayana Renewable Power has actually introduced the acquisition of a 100 percent equity risk in two First Solar established solar plants, with a total capability of 40 MW.

Ayana Renewable Power Private Limited (Ayana) has introduced the purchase of a 100 percent equity risk in two First Solar created solar (PV) solar power plants, with an overall capability of 40 megawatts (MW) air conditioner.

Regards to the deal, which was closed on July 24, 2020, were not revealed.

Ayana has actually obtained the two projects, situated in Karnataka, India, as part of its critical objective to deliver high-grade jobs naturally as well as inorganically, to produce value for its shareholders. Both centers, which are powered by First Solar's high-performance thin-film modules as well as have actually been functional for more than 2 years, are attached to Karnataka's 110KV transmission network.

Shivanand Nimbargi, MD as well as CEO of Ayana, said "this is the first step in Ayana's long trip of getting top quality operating sustainable properties. With USD 330 million dedicated equity, Ayana will continue to pursue comparable chances for purchase and focus on inorganic growth."

Under 25-year Power Purchase Agreements (PPAs), the plants supply power to 2 of the state's electrical energy circulation business, Chamundeshwari Electricity Supply Corporation Ltd as well as Gulbarga Electricity Supply Company Ltd. The plants displace as long as 0.7 million metric tonnes of CO2-equivalent each year.

" Ayana's procurement of these top notch possessions confirms the constantly reputable efficiency of our sophisticated PV components in real-world problems," said Sujoy Ghosh, Vice President, India as well as Asia Pacific (APAC), First Solar. "We give thanks to Ayana for its count on as well as anticipate various other opportunities to sustain their growth plans."

Ayana has actually been set up to develop as well as operate eco-friendly power creating plants. It is in the process of creating 1100 MW of tasks that were awarded under public auctions by Central Government firms. Shareholders of Ayana consist of Green Growth Equity Fund, CDC Group UK, National Investment and also Infrastructure Fund (NIIF); Each of the shareholders are backed by numerous Limited Partners as well as General Partners around the world, consisting of the Government of India. The shareholders have actually committed USD 330 million for Ayana's enthusiastic development strategies.

In June, we had reported that Ircon International Limited, previously Indian Railway Construction Limited, had signed a pact with the National Investment as well as Infrastructure Fund Limited (NIIFL) and also Ayana Renewable Power for discovering possibilities in the solar power section.

"Through this cooperation, we are expanding our business in the solar energy sector. Further, this partnership is straightened with the Government of India's policies on the renewable energy industry and our team believe the solar energy market has huge chances. We wish our organization with Ayana and NIIFL to discover projects in the solar power market will be rewarding to all stakeholders," Ircon Chairman & Managing Director SK Chaudhary had claimed.