Ayana Renewables to raise Rs 1.5 billion via non-convertible debentures

Ayana Renewable Power Private Limited has approved a plan to raise Rs 1.5 billion through the issuance of 1,500 non-convertible debentures at an issue price of Rs 1 million each.

The debentures will be subscribed by Infrastructure Leasing and Financial Services Limited (IL&FS) Mutual Fund and will have a tenure of three years from the initial drawdown.

The proceeds will be used for debt refinancing, subsidiary support in renewable projects, interest payments, loans, and other eligible infrastructure needs.

Ayana Renewables: Recent Developments

ONGC NTPC Green Private Limited (ONGPL) has recently signed a share purchase agreement with National Investment and Infrastructure Fund (NIIF), Eversource Capital, and British International Investment Plc (BII) to acquire Ayana Renewable Power Private Limited.

ONGPL will acquire Ayana Renewable’s 4,100 MW operational and under-construction projects and 1,000 MW of announced renewable energy projects across India. 

Ongoing and Past Projects

• KPI Green Energy Limited received a Letter of Intent (LoI) from Ayana Renewable Power for setting up 145.2 MW wind-solar hybrid power projects in Gujarat in September 2023. KPI will provide engineering, procurement, construction, and commissioning (EPCC) services, including land acquisition and power evacuation facilities. The project is expected to be completed by March 2025.

   

• In September 2023, Ayana Renewable signed a Power Purchase Agreement (PPA) with Hindalco Industries Limited, a subsidiary of the Aditya Birla Group, for 100 MW Round-The-Clock (RTC) renewable energy power supply to Hindalco’s smelter plants in Odisha for 25 years.

   

• In April 2023, Project Nine Renewable, a wholly-owned subsidiary of Ayana Renewable, secured 300 MW of capacity under the 1,000 MW RTC Renewable Energy (RE) tender. The bid was won at a tariff of Rs 4.1 per kWh, with tenders invited by Railway Energy Management Company Limited (REMCL) in July 2022.