India: Ayana Anantapuramu NTPC Solar Project (AIIB-000384)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Ayana Ananthapuramu Solar Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Aug 12, 2020


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Project Description

According to the bank's documents, "The Project involves financing of a 250 MW solar project being developed by a special purpose vehicle, Ayana Ananthapuramu Solar Private Limited ("AASPL" or the "Company" or the "Borrower"). The Project was awarded through a competitive bid, at a tariff of INR 2.73 /kWh (USC/ 3.58/kWh). AASPL signed a 25-year Power Purchase Agreement ("PPA") with National Thermal Power Corporation ("NTPC") in July 2018. In turn, NTPC signed a 25-year Power Sale Agreement ("PSA") with AP Discom(s) to sell the electricity generated by the Project to AP Discom(s). As per the PPA, NTPC has the sole obligation to make the payment to AASPL for the power offtake in accordance with the terms of the PPA. Power will be evacuated through the existing, operational 400/220 kV NP Kunta sub-station of PGCIL, which is located at a distance of 3 kms from the solar park in which the Project is being constructed."

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
Private Actors
  • Ayana Ananthapuramu Solar Private Limited -- Implementing Company
Contact Information

AIIB
Amit Kumar, Senior Investment Operations Specialist
amit.kumar@aiib.org

Borrower
Atul Ranjan, Senior Manager
atul@ayanapower.com


ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html