Ayana Renewable & ACME close deal for 250MW of Solar Assets in Rajasthan

(EPT): Ayana Renewable Power Private Limited (Ayana), a renewable energy platform majority controlled by National Investment and Infrastructure Fund (NIIF) & ACME Solar Holdings have closed a deal to divest 100% equity stake in 250 (MW)ac solar PV power plants developed and operated from ACME to Ayana.

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 plant is connected to the inter-state transmission system and supplies power to Maharashtra State Electricity Distribution Company (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.

Managing Director & Chief Executive Officer of Ayana, Shivanand Nimbargi, commented, “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.”

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.  

Founder & Chairman of ACME, Manoj Upadhyey ,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 energy sector in India. ACME’s core strength is bringing innovation through design & engineering, and build quality solar assets to deliver solar energy at the most competitive prices to the utilities and creating value for its shareholders.