Ayana Renewable Power on Tuesday said it has acquired 100 per cent equity stake in two First Solar-developed photovoltaic (PV) solar power plants in Karnataka for an undisclosed amount. The total capacity of these plants is megawatts (MW), the company said in a statement.
“The 100 per cent acquisition of the two projects, located in Karnataka, is part of its strategic mission to deliver high-quality projects organically and inorganically, to create value for its shareholders,” it said.
India InfraDebt financed the acquisition, the company said.
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, it added.
Under 25-year power purchase agreements, the plants supply energy to two of the state’s electricity distribution companies – Chamundeshwari Electricity Supply Corporation and Gulbarga Electricity Supply Company.
“This is the first step in Ayana’s long journey of acquiring high-quality operating renewable assets. With USD 330 million committed equity, Ayana will continue to pursue similar opportunities for acquisition and focus on inorganic growth,” its managing director and CEO Shivanand Nimbargi said.
The company is in the process of developing 1,100 MW of projects that were awarded under auctions by the central government agencies.
“Ayana’s acquisition of these high-quality assets validates the consistently reliable performance of our advanced PV modules in real-world conditions,” First Solar Vice President, India and Asia Pacific (APAC) Sujoy Ghosh said.
The transaction’s legal and financial advisors representing Ayana are IndusLaw Associates and BDO India LLP, while DSK legal advised First Solar.