'Doubling capacity to 10 GW in 2 years'

Ayana Renewable Power Pvt. Ltd has rapidly expanded its generation capacity in recent years. That has helped the company, majority owned by the Indian government-backed National Investment and Infrastructure Fund (NIIF) and the British International Investment (BII), to grow its revenue substantially and swing to a net profit last fiscal year.

- Aman Malik

Ayana is now working towards doubling its portfolio to 10 GW by 2025, chief executive Shivanand Nimbargi said in an interview. To do so, Ayana might look at raising fresh capital and explore new growth areas, he said. 

Edited excerpts:

Ayana swung from a loss in FY21 and FY22 to a net profit of ₹178 crore in FY23. How did the company manage to make the turnaround?

As and when capacities get commissioned, numbers go up. Projects typically have a lead time of 18-24 months of construction. Thereafter, the capacities come on stream and revenues start flowing in.

What is the size of your portfolio at present?

We have a portfolio of just under 5GW of which 1.3GW is operational.

Does that mean 3.7GW is still under development?

Yes, under development and under construction.