The two companies were among four shortlisted in April to conduct due diligence after several parties submitted non-binding bids for the renewable energy company. Revised term sheets were submitted last week. The bids link Ayana’s value to Ayana’s offer. business value Between $1.6 billion and $1.8 billion, the people said.
Non-competitive offers
The value of the company includes debt and liquid assets. The offers from Sembcorp and Macquarie, the other two shortlisted companies, were considered low and therefore not competitive. Ownership of Ayana Renewable Power is split into three parts, with NIIF, a government-anchored company, being the dominant shareholder (51% stake). British International Investment (32%) and Eversource Capital (17%) are the other shareholders.
On May 4, ET first reported that JSW Neo Energy was among five players that had submitted non-binding bids for Ayana Renewable Power. The others were Sembcorp, Macquarie, Masdar and Sekura Energy. On May 16, ET reported that state-owned JSW Neo Energy had submitted non-binding bids for Ayana Renewable Power. ONGC He had also joined the bidding process.
JSW Neo Energy and ONGC declined to comment while NIIF did not respond to queries by press time Wednesday.
Ayana Renewable Power’s three co-investors, led by NIIF, had collectively committed to providing $721 million in equity financing to the company. Its debt is estimated to be between $800 million and $1 billion.
British International Investment, in its previous form CDC, had launched Ayana Renewable Power in 2018 to boost UK investments in green energy in India. NIIF became a majority shareholder in December 2020.
Ayana Renewable Power has a portfolio of over 4 GW of solar, wind and hybrid power projects, including operational and under development, across multiple states.
The company has an operational capacity of 1.3 GW across Andhra Pradesh, Karnataka and Rajasthan. It has 2.8 GW of projects under development, with 2 GW of solar, wind and hybrid assets with firm power purchase agreements (PPAs). PPAs are yet to be signed for the remaining 800 MW of projects it won through bidding.
Of these, it expects to commission 300 MW wind power asset in the current fiscal year and the remaining by FY26, subject to signing of PPAs, according to a statement. EXECUTION report. JSW Neo Energy aims to build 10 GW of renewable energy generating capacity.
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