India-focused Ayana Renewable to get USD 330m from CDC, new investors
Wind turbines in Gujarat. Author: PeepleWatcher.
Ayana Renewable Power Pvt Ltd will receive USD 330 million (EUR 290.4m) in funding from CDC Group plc and two new investors -- EverSource Capital and the National Investment and Infrastructure Fund of India (NIIF).
The announcement came on Thursday and follows earlier reports in Indian media that EverSource Capital was to infuse about USD 100 million in Ayana.
Founded by CDC, the UK's development finance institution, Ayana's mission it to build renewable energy capacity in India and neighbouring countries and support the transition to low carbon power generation. It currently has 500 MW of solar capacity under construction and various renewable energy projects in the pipeline.
“We are delighted we achieved our early objective to attract fresh capital and we are proud to partner with NIIF and EverSource Capital. Their domestic expertise will further strengthen Ayana and support its mission in developing affordable and accessible renewable energy across India,” said Srini Nagarajan, CDC’s Head of Asia.
EverSource Capital is a joint venture between private equity fund Everstone Group and UK-based Lightsource BP. Its contribution will come from its flagship Green Growth Equity Fund (GGEF), which has NIIF and the UK government as anchor limited partners (LPs).
NIIF is a fund manager focusing on the infrastructure and related sectors in India.
Completion of the investment is subject to regulatory and transaction condition approvals. Standard Chartered Bank served as Ayana’s exclusive financial advisor.