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NIIF, CDC-backed Ayana Renewable closes deal to buy 100% stake in ACME’s solar plant
Photo Credit: Pexels

National Investment and Infrastructure Fund (NIIF)-owned Ayana Renewable Power Private Ltd (Ayana), announced the closure of a deal to divest 100% equity stake in 250 (MW)ac Solar PV Power Plants, developed and operated from ACME Solar Holdings Private Limited (ACME) to Ayana. 

“With this transaction, Ayana is now developing and managing close to 3 GWac of renewable energy. Ayana has acquired the solar energy renewable plant located in Jodhpur, India, as part of its strategic mission to increase renewable energy production in the country,” the company said in a statement.  

Ernst and Young (EY) acted as the financial and tax advisor for the transaction, and Luthra & Luthra acted as the legal advisor for Ayana.  

The Rajasthan-based plant 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).  

This further adds to Ayana’s high-quality portfolio of renewable energy assets built organically and inorganically to create value for its stakeholders. At the same time, ACME completed another strategic divestment of its operating solar asset to unlock value from long-term assets, the statement further said.  

Ayana was founded in 2018 as a renewable energy platform by the CDC Group to develop utility-scale renewable power solar and wind-generation projects across India. The platform develops utility-scale renewable power solar and wind generation projects across India to build cost-effective capacity.  

NIIF, the country’s quasi-sovereign fund that is focused on infrastructure investments, had led the $390 million (Rs 2,870 crore) round to become a majority shareholder in Ayana in December last year.  Existing investors CDC Group, the UK’s development finance institution and impact investor, and EverSource Capital-managed Green Growth Equity Fund also participated in the funding round.  

Shivanand Nimbargi, MD and CEO of Ayana, commented, “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.”  

Bengaluru-headquartered Ayana is currently engaged in the development and management of 2.99 GW of renewable energy capacity across multiple Indian states, and has a strong pipeline of renewable energy opportunities.  

Ayana’s strategic objectives are aligned with the UN Sustainable Development Goals of providing affordable and clean energy, creating economic opportunities through growth and climate action, it said adding, that with support from local communities living and working in its development locations, the company aims to reduce global carbon emissions to net-zero by 2070, build green energy capacity, decarbonise the energy mix away from coal and support job creation.  

Manoj Upadhyay, Founder & Chairman of ACME, said, “We are happy to join hands with Ayana and NIIF. This transaction is testimony of the quality of solar assets ACME has built and long-term faith of investors in the Solar Power sector in India. ACME’s core strength is bringing innovation through design & engineering, and build quality solar assets to deliver solar power at the most competitive prices to the utilities and creating value for its shareholders.”  

Established in 2003 by Upadhyay, ACME is one of the largest solar IPPs in India with a portfolio of c.4.25 GW with mix of central and state utilities.   

ACME is also developing one of Asia’s largest single-site green hydrogen plants in Oman.   

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