Ayana Renewable Scoops Up $390 Million In Fresh Funding

CDC and Eversource Capital-backed Ayana Renewable has announced additional funding of $390 million from its key backers.

Ayana Renewable Power, the CDC and Eversource Capital (through Green Growth Equity Fund) backed renewable energy firm, has announced additional funding of $390 million (Rs 2,200 crore)from its key backers. The big change will be the investment from the  National Investment and Infrastructure Fund (NIIF) of $284 million, which will make it the majority shareholder in Ayana. CDC is investing $70 million, while EverSource Capital is infusing a further $36 million. The investment from NIIF comes through its master fund, which also owns a Ports and Logistics platform (HIPL), and a platform for Smart Meter roll out (Intellismart).

For Ayana Renewable, the fresh funding commitments take its total equity funding to an impressive $721 million, among the highest in the Indian renewable energy sector.

Founded in 2018 by the British development financial institution the CDC Group, the Ayana platform develops utility-scale renewable power solar and wind generation projects across India to build cost-effective capacity. Its total funding is considered sufficient to scale up its renewable energy portfolio to over 4GW over the next two years.

Ayana currently has 1.14 GW of solar generation capacity under various stages of development/operation across multiple Indian states.

British Acting High Commissioner to India, Jan Thompson said “Today’s 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 Head of Asia, Srini Nagarajan said “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 – meeting the challenge of climate change and delivering prosperity within a new, green economy. 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 “NIIF’s continuing support to Ayana demonstrates our belief in the large growth potential of the Indian renewable energy sector and our confidence in Ayana’s ability to generate stable risk-adjusted returns for our investors. 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.”

Dhanpal Jhaveri, CEO, EverSource Capital said “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.”

National Investment and Infrastructure Fund Limited (NIIFL) is a collaborative investment platform for international and Indian investors, anchored by the Government of India. NIIF Limited manages over USD 4.3 billion of equity capital commitments across its three funds – Master Fund, Fund of Funds and Strategic Opportunities Fund, each with its distinct investment strategy. NIIF Master Fund primarily invests in operating assets in core infrastructure sectors such as transportation and energy.

GGEF was established with anchor investment from India’s National Investment and Infrastructure Fund (NIIF) and Foreign, Commonwealth & Development Office (FCDO), Government of UK. GGEF invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains. GGEF is managed by its investment manager, EverSource Capital Private Limited which is the joint venture between Everstone Capital and Lightsource BP.

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