Ayana Renewable Power Fully Commissions 250 MW Solar Capacity in Kadapa, Andhra Pradesh

Ayana Renewable Power, a strategic component of the NTPC Green Energy ecosystem, has successfully achieved full operationalization of its 250 MW solar PV project in the Kadapa District of Andhra Pradesh. The project reached its full rated capacity on February 27, 2026, following the successful commissioning of the final 91.6 MW tranche. This milestone contributes significantly to the NTPC Green Energy Group’s aggressive expansion, bringing its total installed capacity to 9,292.68 MW. Anchored by a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI), the project operates at a cost-competitive, fixed tariff of ₹2.71/kWh, which remains highly bankable given SECI’s strong credit risk profile.

Technical and Operational Summary

The project is situated within the Ananthapuramu Ultra Mega Solar Park (1500 MW), benefiting from the park’s shared infrastructure and evacuation framework.

Phased Operationalization and Timeline Detail

The project reached full commercial scale through a two-stage commissioning sequence. The initial tranche of 158.4 MW was operationalized in early February 2026. The second and final tranche of 91.6 MW was declared on Commercial Operation effective February 27, 2026, as per the SECI certificate issued on March 9, 2026.

Notably, the developer achieved the Commercial Operation Date (COD) ahead of the Scheduled Commencement of Supply Date (SCSD) of February 28, 2026. This early completion underscores the operational efficiency of the project vehicle, Ayana Kadapa Renewable Power Private Limited (AKRP).

Organizational Framework and Project Entities

The project is housed under Ayana Kadapa Renewable Power Private Limited (AKRP), a wholly-owned subsidiary of Ayana Renewable Power Private Limited (ARPPL). The credit profile of the project is bolstered by a “parent notch-up approach,” factoring in the superior financial flexibility of its ultimate sponsors.

ARPPL is backed by ONGC-NTPC Green Private Limited (ONGPL), a 50:50 joint venture between two Maharatna-led subsidiaries: ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil & Natural Gas Corporation Limited, and NTPC Green Energy Limited (NGEL), an 89% subsidiary of NTPC Limited. This robust parentage provides significant support to AKRP’s standalone financial risk profile.

Financial and Contractual Structure

The total project investment of ~₹1,215 crore is supported by long-term bank facilities totaling ₹974.00 crore. The liquidity position is categorized as adequate; as of April 30, 2025, promoters had infused ₹207 crore of a committed ₹268 crore in equity (~77%), significantly de-risking the funding phase.

Key financial nuances include:

• Sponsor Undertaking & P90 Performance: The limited-period sponsor undertaking for cost overruns will “fall off” only after the project maintains P90 performance levels for 12 consecutive months. If this benchmark is not sustained, the debt is mandated to be resized at the end of 30 months from COD.
• PPA Terms: The contract utilizes a single-part tariff, meaning cash flows are inherently exposed to weather-driven resource variations without a separate capacity charge.
• Debt Service Reserve: The structure mandates a Debt Service Reserve Account (DSRA) covering one quarter of debt service requirements, providing a necessary liquidity buffer against floating interest rate volatility.

Environmental and Social Compliance Overview

The project was developed under a comprehensive Environmental and Social Impact Assessment (ESIA) and is categorized as Category B. The compliance framework adheres to the IFC Performance Standards (2012), World Bank General EHS Guidelines, and the Asian Infrastructure Investment Bank (AIIB) Environmental and Social Framework.

Of the 1,274 acres allotted within the solar park, 1,250 acres are utilized for active arrays. A specific portion of 24 acres was designated as unusable due to the natural topography of the site, which includes a small hill and natural drainage channels. Land procurement was managed by the Andhra Pradesh Solar Power Corporation Pvt. Ltd. (APSPCL), and documentation confirms that the project resulted in no physical displacement of local populations. To mitigate water stress in the semi-arid region, the project is exploring dry and semi-dry module cleaning mechanisms to reduce its annual operational water requirement, estimated at over 30,000 KL.