EverSource eager to buy into Indian wind, solar player Ayana

Solar panels. Author: University of Salford Press Office. License: Creative Commons. Attribution 2.0 Generic

February 21 (Renewables Now) - Indian green energy infrastructure developer EverSource Capital is holding talks to buy a minority interest in domestic sector player Ayana Renewable Power, the Economic Times reports.

EverSource Capital, which is a joint venture between private equity fund Everstone Group and UK-based Lightsource BP, intends to infuse about USD 100 million (EUR 88.2m) into Ayana, two sources familiar with the matter told the daily.

Ayana, 100% funded by the UK's development finance institution CDC Group plc, was set up to build wind and solar parks in India’s most polluted urban areas and other countries including Bangladesh, Nepal, Bhutan, Sri Lanka and Myanmar. Its goal is to install at least 2 GW of renewables at home and other South Asian markets by 2022, it says on its website.

At present, Ayana is working on two solar projects in India, totalling 500 MW, in Andhra Pradesh and Kadapa, respectively. The capacity will be commissioned in June 2020 and power purchase agreements (PPAs) are already in place.

(USD 1.0 = EUR 0.882)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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