NIIF backed Ayana Renewable acquires 40MW of solar assets from First Solar

MUMBAI : National Infrastructure and Investment Fund (NIIF) backed renewable energy platform Ayana Renewable Power on Tuesday announced the acquisition of two First Solar-developed solar power plants, with a total capacity of 40 megawatts (MW). Financial terms of the transaction were not disclosed.

Ayana has acquired the two projects, located in Karnataka, India, as part of its strategic mission to deliver high-quality projects organically and inorganically, to create value for its shareholders, the statement said. The two facilities have been operational for more than two years.

Under 25-year Power Purchase Agreements (PPAs), the plants supply energy to two of the state’s electricity distribution companies, Chamundeshwari Electricity Supply Corporation Ltd. and Gulbarga Electricity Supply Company Ltd.