Ayana Renewables, an independent power producer, plans to set up around four GW of solar and wind power operational capacity by March 2025.

To achieve the government’s goal to have 500 GW by 2030, which translates to 40-50 GW capacity addition going forward, the transmission and substation capacities need to come ahead of time.

Secondly, the bidding trajectory needs to be aligned with the offtakers’ RE obligations, for which, a procurement plan needs to be in line with the bidding plan of the central agencies.

Presently, the company has 1.6 GW operational capacity, and it is looking at over three GW and closer to four GW by next year.

The Karnataka-based company is backed by the National Investment and Infrastructure Fund (NIIF), British International Investment (BII), and Green Growth Equity Fund (GGEF).

To date, it has raised nearly USD 720 million and plans to continue to raise more capital to keep the company growing as it moves along the country’s renewable energy (RE) targets.

Last year, the company signed a power purchase agreement (PPA) with Hindalco Industries to develop 330 MW RE capacity for Hindalco’s smelter plants in Odisha.