Ayana Renewable Secures Additional $390Mn Equity Funding; NIIF to Be Major Stakeholder

To date, Ayana has received equity funding of $721 million, which the company felt sufficient to scale up its renewable energy portfolio to more than 4GW over the next 2 years.

December 18, 2020. By Manu Tayal

Indian renewable energy platform Ayana Renewable Power (Ayana) has secured additional equity funding of about $390 million from existing investors i.e. UK’s CDC Group, National Investment and Infrastructure Fund (NIIF), and EverSource Capital managed Green Growth Equity Fund (GGEF).

CDC Group-owned Ayana secured $70 million, $284 million and $36 million in funding from CDC, NIIF and GGEF respectively. However, the commitment is subject to final approval processes.

Post successful closing of the proposed transaction, NIIF will become the majority shareholder in Ayana, which was founded by CDC Group in 2018.

Ayana currently has 1.14 GW of solar generation capacity under various stages of development and operation across multiple Indian states, and a strong future pipeline of renewable energy opportunities.

To date, Ayana has received equity funding of $721 million, which the company felt sufficient to scale up its renewable energy portfolio to more than 4GW over the next 2 years.

Commenting on the development, British Acting High Commissioner to India, Jan Thompson, said “the announcement underlines the importance of private investment in catalysing green growth. I’m delighted this investment will help Ayana scale up its green energy capacity and support India’s ambition to build 450 GW of renewable energy by 2030. This demonstrates our commitment to supporting the clean energy transition and reinforces the shared ambition of the UK and India to build a greener future.”

“CDC’s commitment to tackling the climate emergency was the driving force behind the creation of Ayana in 2018. Two years on and I’m delighted that we have mobilised significant commercial capital behind the cause and into Ayana. NIIF would now be the largest shareholder of a company that is delivering affordable and accessible renewable energy across India,” said Srini Nagarajan, CDC’s Head of Asia.

Nagarajan added that “CDC’s additional capital also reiterates the UK’s commitment to investing in India and the strong partnership between our countries.”

Sujoy Bose, Managing Director & CEO, NIIF, said “With committed like-minded shareholders and a strong management team, we are confident that Ayana will become a leading player in this space, over the next few years.”

“The infusion of more capital into our utility-scale platform Ayana, corroborates the belief in India’s promising renewable energy sector. This investment will strengthen our commitment to ensure the transition to zero carbon power generation, creation of job opportunities and accessibility of clean energy across India,” said Dhanpal Jhaveri, CEO, EverSource Capital.

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