India’s Ayana Renewable Gets $390m Funding From CDC, NIIF, and EverSource

India’s Ayana Renewable Gets 0m Funding From CDC, NIIF, and EverSource

Bangalore-based renewable energy platform Ayana Renewable Power has secured $390 million (about Rs 2,800 crore)
in fresh funding from UK’s development finance institution CDC Group, National Investment and Infrastructure
Fund (NIIF) and EverSource Capital, per an announcement.

 The additional equity funding includes $70 million from the CDC group, $284 million from NIIF, and $36 million
from EverSource Capital-managed Green Growth Equity Fund. Following the investment, NIIF will become the
majority shareholder in Ayana, the statement added.

 “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,” British Acting High Commissioner to
India, Jan Thompson said.

 Reducing global carbon emissions to net zero by 2050 is essential to limit the impact of climate change. Founded in
2018 by CDC Group, Ayana was launched to address these challenges in alignment with the UN Sustainable
Development Goals (SDGs). The platform develops utility-scale renewable power solar and wind generation projects 
across India to build cost-effective capacity.

 To date, Ayana has received equity funding of $721 million, sufficient to scale up its renewable energy portfolio to
over 4GW over the next two years, the statement said. Ayana currently has 1.14 GW of solar generation capacity under
various stages of development/operation across multiple Indian states.

 “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,” Dhanpal Jhaveri, CEO, EverSource Capital said.

South Africa Today

Read more at VolaNews