Debt financing
Ayana Renewable raises Rs.150-cr from IL&FS Mutual Fund
Bengaluru-based renewable energy firm Ayana Renewable has raised INR 150 crore (approx. USD 17.4 million) in debt from IL&FS Mutual Fund issuing 1,500 non-convertible debentures (NCDs) at an issue price of INR 10,00,000 each.The funds will be used for debt refinancing, subsidiary support in renewable projects, interest, loans and other eligible infrastructure needs.Set up by BII in 2018, Ayana Renewable operates as an asset-heavy IPP (independent power producer), developing and managing solar and wind projects with long-term PPAs. Backed by NIIF and global investors, it funds growth through equity, debt, and bonds while ensuring efficient operations and exploring hybrid energy, battery storage, and green hydrogen.Ayana saw a 4% year-on-year growth to INR 856 crore in FY24 from INR 823 crore in FY23.
Between Jan 2018 and Dec 2020, Ayana Renewable Power had attracted about USD 820 M in from British International Investment, Everstone, NIIF and Others. It was acquired in Feb 2025 by ONGC NTPC Green for USD 2,300 M
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