- The terms of the transaction were not disclosed
- The two facilities are powered by First Solar’s high-performance thin-film modules and have been operational for more than two years
Ayana Renewable Power Private Limited has announced the acquisition of a 100 per cent equity stake in two First Solar-developed photovoltaic (PV) solar power plants in Karnataka, with a total capacity of 40 megawatts (MW). The terms of the transaction were not disclosed.
Ayana has acquired the two projects as a part of its strategic mission to deliver high-quality projects organically and inorganically, to create value for its shareholders claimed the company. The two facilities are powered by First Solar’s high-performance thin-film modules and have been operational for more than two years. They are connected to Karnataka’s 110KV transmission network.
Supply energy to two of the state’s electricity distribution companies
Sujoy Ghosh, vice president, India, and Asia Pacific (APAC), First Solar said, “Ayana’s acquisition of these high-quality assets validates the consistently reliable performance of our advanced PV modules in real-world conditions. We thank Ayana for its trust and look forward to other opportunities to support their growth plans.”
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. They displace as much as 0.7 million metric tonnes of CO2-equivalent per year.
Shivanand Nimbargi, MD and CEO of Ayana, said “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.”
The transaction legal and financial advisors representing Ayana are IndusLaw Associates and BDO India LLP. India InfraDebt Limited financed the acquisition and DSK legal advised First Solar on finalising the share purchase agreements and deal closing activities.