14 03 2016Ahana Renewables announces investment in Solar power development portfolio in India
Ahana Renewables, a subsidiary of ATN, announced that it has purchased the development business of Armstrong Energy Global, a developer, builder, and owner of solar farms in India.
Ahana has retained the Armstrong management team to oversee the development, construction and operation of solar energy projects in Southern India through a newly-established company, Vibrant Energy Holdings, that will be an Ahana subsidiary.
Vibrant Energy has an initial pipeline of approximately 50 MW photovoltaic solar facilities ready for construction in the next six to nine months, and is targeting a total of 250-350 MW in solar energy projects in India through 2018. Customers for the initial projects are private commercial and industrial enterprises and Vibrant Energy will continue to target this customer segment as it builds new solar facilities, currently focused on the states of Andhra Pradesh, Maharashtra and Telangana.
The Company expects to fund the acquisition, operating costs and the development and construction of this pipeline with an initial capital investment of approximately $50 million to $100 million, complemented by debt and other funding under discussion with numerous institutions.
This investment marks Ahanaâ€™s entry into Indiaâ€™s growing renewable energy market, which seeks to address the high demand for energy created by the countryâ€™s fast growing economy and deficits in traditional energy sources.
Jones Day advised Ahana Renewables on the deal with a team led by Steven Koppel. Involved fees earner: Steven Koppel - Jones Day;
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