Ayana buys 40 MW of First Solar-developed Indian PV assets

Ayana Renewable Power Pvt Ltd said today it has bought 40 MW of solar parks in India developed by US-based First Solar Inc (NASDAQ:FSLR).

The National Infrastructure and Investment Fund (NIIF) backed renewable energy platform has taken full ownership of two photovoltaic (PV) parks in the state of Karnataka. The move is part of its strategy to “deliver high-quality projects organically and inorganically,” the buyer said on Tuesday without providing the terms and financial details of the deal.

The two solar farms are equipped with First Solar thin-film modules and have been generating electricity for more than two years. They operate under 25-year power purchase agreements (PPAs) with local power distribution companies Chamundeshwari Electricity Supply Corporation Ltd and Gulbarga Electricity Supply Company Ltd.

“This is the first step in Ayana’s long journey of acquiring high-quality operating renewable assets. With USD 330 million (EUR 279.6m) committed equity, Ayana will continue to pursue similar opportunities for acquisition and focus on inorganic growth,” said Shivanand Nimbargi, CEO of Ayana Renewable.

(USD 1.0 = EUR 0.847)

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