ATN subsidiary Ahana Renewables has purchased the development business of Armstrong Energy Global, a developer of solar farms in India.
The company did not disclose financial details.
Vibrant Energy Holdings, a subsidiary of Ahana, has retained the Armstrong management team to oversee the development, construction and operation of solar energy projects in Southern India.
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.
Ahana Renewables Managing Director Marvin Tien said: “By partnering with Armstrong team, known for its trailblazing history of early-to-market success in the United Kingdom’s renewables sector, we hope to transport our successes in the US and the UK to a successful venture in India.”
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.
“Our large development pipeline of solar projects in India and dedicated local team combined with Ahana’s experience and financial resources will enable us to meet our goal of delivering hundreds of megawatts of clean, reliable electricity to customers in a country where supply can be unreliable,” said Ramnath Nandakumar, managing director of Armstrong.
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