Bengaluru-based renewable energy platform Ayana Renewable Power Private Limited has announced a deal to acquire a 100% equity stake in a 250 MWac solar photovoltaic (PV) power project, developed and operated by ACME Solar Holdings Private Limited (ACME).

The project, located in Jodhpur, 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).

“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,” said Shivanand Nimbargi, MD and CEO, Ayana.

Ernst and Young (EY) acted as the financial and tax advisor for the transaction, and Luthra & Luthra acted as the legal advisor for Ayana.

National Investment and Infrastructure Fund (NIIF)-owned Ayana said that it is now developing and managing close to 3 GWac of renewable energy with this transaction.

Founded by the CDC Group in 2018, Ayana is developing solar and wind projects across India. CDC Group, a U.K. government-owned development financial institution, is also an investor in Ayana.

Ayana was one of the winners in the Solar Energy Corporation of India’s (SECI) auction for 1,200 MW interstate transmission system (ISTS)-connected wind-solar hybrid power projects (Tranche-IV) on a build, own, and operate basis across India. It won a capacity of 450 MW, quoting ₹2.34 (~$0.031)/kWh.

Last year, Ayana had acquired First Solar’s two solar projects with a capacity of 40 MW. The two solar power projects in Karnataka are under a 25-year power purchase agreement (PPA) and supply power to the state distribution companies, Chamundeshwari Electricity Supply Company Limited and Gulbarga Energy Supply Company Limited.

In July this year, ACME raised around $334 million for 12 of its solar projects through the issuance of offshore green bonds. The debt investment will be funded by U.S. dollar-denominated green bonds. The bonds received green certification from Climate Bonds Initiative.

According to Mercom Capital Group’s report, in the first nine months (9M) of 2021, large-scale solar project acquisition activity was up 129% globally with 55.5 GW being acquired compared to 24.3 GW in 9M 2020. A total of 15.8 GW of solar projects were acquired in Q3 2021.