ATN unit forms Indian solar arm with 50-MW pipeline via new purchase

Mar 9, 2016 14:44 CET by Ivan Shumkov

March 9 – The renewables arm of US telecommunications services group Atlantic Tele-Network Inc (NASDAQ:ATNI), or ATN, has set foot into the Indian solar power sector by acquiring a local development business and setting up a new unit with a 50-MW pipeline.

San Francisco-based Ahana Renewables announced on Tuesday it has acquired the said business of Armstrong Energy Global Ltd, a UK-based company that focuses on solar photovoltaic (PV) developments in India.

Ahana has kept the Armstrong management team to oversee the development, construction and operation of solar farms in Southern India as part of a new company called Vibrant Energy Holdings. This firm’s initial pipeline includes PV projects with a combined capacity of roughly 50 MW that can be realised over the next six to nine months. It targets the construction of between 250 MW and 350 MW of solar parks through 2018.

The company estimates that initially it will spend between USD 50 million (EUR 45.6m) and USD 100 million, complemented by debt and other funding, to finance the acquisition, operating costs and the development and construction of the above-mentioned pipeline.

Commenting on the news, Ahana managing director Jason Tai said that “solar energy development costs in many regions of India has reached grid parity, providing an opportunity for attractive investment returns without reliance on direct government subsidy”.

(USD 1.0 = EUR 0.912)

Share this story

Recommends: