Ayana Renewable, a renewable energy company, plans to borrow Rs. 150 crore, or around $17.4 million, from IL&FS Mutual Fund. Only one month has passed since the business and the ONGC-NTPC Joint Venture inked a share purchase deal.
According to its regulatory filing obtained from the RoC, the board of Ayana Renewable has adopted a special resolution to issue 1,500 non-convertible debentures at an issue price of Rs. 10,00,000 each in order to raise Rs. 150 crore.
Interest, loans, subsidiary support for green projects, debt refinancing, and other qualified infrastructure requirements will all be covered by the money. Interestingly, these debentures will remain in effect for three years after the original withdrawal date.
As an asset-heavy IPP, Ayana Renewable develops and oversees wind and solar projects with long-term PPAs. Supported by NIIF and international investors, it finances expansion through bonds, debt, and equity while maintaining effective operations and investigating green hydrogen, hybrid energy, and battery storage.
To sell their 100% investment to ONGC NTPC Green, a 50:50 joint venture of ONGC Green Ltd. (OGL) and NTPC Green Energy Ltd. (NGEL), NIIF, British International Investment, and Eversource Capital signed a share purchase agreement last month. The deal has an enterprise value of $2.3 billion.
To put things in perspective, BII founded Ayana in 2018 and has so far raised approximately $700 million from NIIF, BII, and Eversource. The aforementioned share arrangement was approved by CCI last week.
Ayana's scale increased from Rs. 823 crore in FY23 to Rs. 856 crore in FY24, a slight 4% year-over-year increase. Nevertheless, during the same time period, the company's profits fell precipitously by 42.3% to Rs. 45 crore.
