Ayana Renewable Power said that it has attained 100 % equity stake in 2 First Solar-developed photovoltaic (PV) solar energy plants in Karnataka for an undisclosed amount. The full capacity of these plants is megawatts (MW), the company mentioned in a statement.
"The 100 % acquisition of the 2 projects, located in Karnataka, is a component of its strategic mission to provide high-quality projects organically and inorganically, to make value for its shareholders," it said.
Company also highlighted that India InfraDebt financed the acquisition,
The 2 facilities, which are powered by First Solar's high-performance thin film modules and have been operational for more than 2 years, are connected to Karnataka's 110KV transmission network, it added.
Under 25-year power purchase settlements, the plants supply energy to two of the state's electricity distribution companies namely, Chamundeshwari Electricity Supply Corporation and Gulbarga Electricity Supply Company.
Director and CEO ShivanandNimbargi said, "This is that the initiative in Ayana's long journey of acquiring high-quality operating renewable assets. With USD 330 million committed equity, Ayana will carry on to pursue similar opportunities for acquisition and specialize in inorganic growth,"
The company is working on the process of developing 1,100 MW of projects that were awarded under auctions by the central government agencies.
First Solar Vice President, India and Asia Pacific (APAC) Sujoy Ghosh remarked, "Ayana's acquisition of these high-quality assets validates the consistently reliable performance of our advanced PV modules in real-world conditions,"
The transaction's legal and financial advisors representing Ayana are IndusLaw Associates and BDO India LLP, while DSK legal advised First Solar.