Ayana Renewable Acquires 250MW Solar Assets from ACME in Rajasthan

ACME Solar Holdings Private Ltd will divest 100% equity stake in its 250 MWac solar PV power plants, located in Rajasthan, to Bengaluru-based renewable energy platform Ayana Renewable Power Private Ltd, following the signing of a new deal between the two companies.

With this transaction with ACME, Ayana, which is majority controlled by the National Investment and Infrastructure Fund (NIIF), is now said to be 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 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, said the company.

At the same time, ACME completed another strategic divestment of its operating solar asset to unlock value from long term assets, said ACME. The Group provides innovative green energy and energy management solutions for Telecom Passive Infrastructure and has a cumulative capacity of more than 5500+ MWp solar photovoltaic power projects across India.

Mr. Shivanand Nimbargi, MD and CEO, 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.”

Ayana states that its strategic objectives are aligned with the UN Sustainable Development Goals of providing affordable and clean energy, creating economic opportunities through growth and climate action. The company has committed to supporting local communities living and working in its development locations, reducing global carbon emissions to net-zero by 2070, building green energy capacity, decarbonising the energy mix away from coal and supporting job creation to facilitate India’s long-term economic development.