Ayana Renewables to Sell Stake to Raise Rs.6,650 Crore with Expansion as Goal
Based on people familiar with the situation, investors in Ayana Renewable Power plan to sell a portion of their stake to raise up to $800 million (Rs.6,650 crore), with a portion of the proceeds going towards the renewable energy platform's expansion plans. According to the investors, they are in talks with an investment bank to handle the sale process.
Ayana is 51% owned by the National Investment & Infrastructure Fund (NIIF), 32% by British International Investment (formerly CDC Group), and 17% by the Eversource Capital-managed Green Growth Equity Fund.
According to the sources, this round will include the three investors selling secondary shares worth $300-500 million and issuing new shares worth $300 million. They added that the current shareholders will sell a portion of their stake on a pro-rata basis and are not considering a complete exit from the platform at this time. The amount of the secondary stake sale and the valuation details are still being worked out.
Ayana is currently developing and managing more than 4 GW of solar, wind, and hybrid power projects across several Indian states. It operates 1.3 GW of renewable energy projects in Andhra Pradesh, Karnataka, and Rajasthan.