Ayana Renewables Acquires 250 MW Solar PV Project from ACME
The ISTS project, located in Jodhpur, supplies power to MSEDCL
December 15, 2021
Bengaluru-based renewable energy platform Ayana Renewable Power Private Limited has announced a deal to acquire a 100% equity stake in a 250 MWac solar photovoltaic (PV) power project, developed and operated by ACME Solar Holdings Private Limited (ACME).
The project, located in Jodhpur, 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).
“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,” said Shivanand Nimbargi, MD and CEO, Ayana.
Ernst and Young (EY) acted as the financial and tax advisor for the transaction, and Luthra & Luthra acted as the legal advisor for Ayana.
National Investment and Infrastructure Fund (NIIF)-owned Ayana said that it is now developing and managing close to 3 GWac of renewable energy with this transaction.
Founded by the CDC Group in 2018, Ayana is developing solar and wind projects across India. CDC Group, a U.K. government-owned development financial institution, is also an investor in Ayana.
Ayana was one of the winners in the Solar Energy Corporation of India’s (SECI) auction for 1,200 MW interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche-IV) on a build, own, and operate basis across India. It won a capacity of 450 MW, quoting ₹2.34 (~$0.031)/kWh.
Last year, Ayana had acquired First Solar’s two solar projects with a capacity of 40 MW. The two solar power projects in Karnataka are under a 25-year power purchase agreement (PPA) and supply power to the state distribution companies, Chamundeshwari Electricity Supply Company Limited and Gulbarga Energy Supply Company Limited.
In July this year, ACME raised around $334 million for 12 of its solar projects through the issuance of offshore green bonds. The debt investment will be funded by U.S. dollar-denominated green bonds. The bonds received green certification from Climate Bonds Initiative.
According to Mercom Capital Group’s report, in the first nine months (9M) of 2021, large-scale solar project acquisition activity was up 129% globally with 55.5 GW being acquired compared to 24.3 GW in 9M 2020. A total of 15.8 GW of solar projects were acquired in Q3 2021.
Get the most relevant India solar and clean energy news.
RECENT POSTS
LATEST HEADLINES
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules
Mar 24, 2023
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed
Mar 24, 2023
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project
Mar 24, 2023
India Missed 2022 Renewables Target as Rooftop Solar and Wind fell Short
Mar 24, 2023
Researchers Aim to Accelerate Delivery of Space-Based Solar Power to Earth
Mar 24, 2023
India added an impressive 2.5 GW open access solar capacity in 2022, registering a growth of 92% year-over-year (YoY), according to the 2022 Q4 & Annual Mercom India Solar Open Access Market Report. Karnataka emerged as the to...
March 23, 2023
Markets & Policy
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar ModulesThe Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements betwe...
March 24, 2023
C&I
In Bengaluru, a 100 kW Solar System Can Save C&I Entities ₹1 Million AnnuallyMercom India successfully concluded the C&I Clean Energy Meet 2023 in Bengaluru, where stakeholders in the solar sector and commercial and industrial entities converged to enthusiastically discuss the benefits of renewable ene...
March 24, 2023
Other
Gensol Acquires Solar Tracker Maker Scorpius for ₹1.35 BillionGensol Engineering, a part of solar engineering, procurement, and construction (EPC) company Gensol Group, has acquired India-based solar tracker manufacturer Scorpius Trackers for ₹1.35 billion ($16.4 million). Gensol said the ac...
March 23, 2023
Trending News
Mercom Focus
Researchers Find Solution to Manage Load in Solar PV & Storage Systems
February 28, 2023
February 27, 2023
February 24, 2023
January 17, 2023
Magazine
Latest News
The Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements...
March 24, 2023
The Ministry of New and Renewable Energy (MNRE) told the Parliamentary Standing Committee on Energy that the intra-state stretches of the Green Energy Corridor (GEC) have been delayed due to various reasons, including...
March 24, 2023
German electric utility company Energie Baden-Wuerttemberg (EnBW) has made its final €2.4 billion (~$2.6 billion) investment decision on He Dreiht, a major wind project in the German North Sea. The project has a capacity of 960...
March 24, 2023
The Parliamentary Standing Committee on Energy report has isolated underwhelming progress on rooftop solar and wind energy projects as the primary reason for India falling short of achieving its renewable energy capacity target...
March 24, 2023
Researchers at Northumbria University are studying ways of producing wireless electricity from space to Earth by harvesting the Sun’s energy. U.S.-based aerospace, defense, and information security organization Lockheed Martin...
March 24, 2023
The Maharashtra Electricity Regulatory Commission (MERC) recently directed Hindustan Petroleum Corporation (HPCL) and the Maharashtra State Electricity Distribution Company (MSEDCL) to recompute the delayed payment charge from...
March 24, 2023
The National Renewable Energy Laboratory (NREL) has devised a new way to produce perovskite solar cells that could speed its commercialization. Different layers are typically added sequentially to a conductive glass substrate to...
March 24, 2023
Saudi Arabia-based energy company ACWA Power has signed power purchase and investment agreements with National Electric Grid of Uzbekistan, and the Ministry of Investment, Industry, and Trade to develop new solar and battery...
March 24, 2023
The China Securities Regulatory Commission has approved the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an initial public offering (IPO). The...
March 24, 2023
Renewable capacity grew by 9.6% in 2022, adding a record 295 GW worldwide. This accounts for 83% of all power capacity added last year and brings the global renewable generation capacity to 3,372 GW by the end of last year, a...
March 24, 2023
Get the most relevant India solar and clean energy news.
POPULAR POSTS
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules
Mar 24, 2023
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed
Mar 24, 2023
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project
Mar 24, 2023
India Missed 2022 Renewables Target as Rooftop Solar and Wind fell Short
Mar 24, 2023
Researchers Aim to Accelerate Delivery of Space-Based Solar Power to Earth
Mar 24, 2023