National Investment and Infrastructure Fund (NIIF), the country’s quasi-sovereign fund that is focused on infrastructure investments, is leading a $390 million (Rs 2,870 crore) funding round in Ayana Renewable Power.
The proposed transaction will make NIIF, which will invest $284 million as part of the round, a majority shareholder in Ayana.
CDC Group, the UK’s development finance institution and impact investor, and EverSource Capital-managed Green Growth Equity Fund will bring $70 million and $36 million, respectively, in Ayana.
This new investment will help Ayana scale up its green energy capacity and support India’s ambition to build 450 gigawatt (GW) of renewable energy by 2030, British Acting High Commissioner to India, Jan Thompson, said.
“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.
Before this, in 2019, the three investors had put in $330 million.
Founded in 2018 by CDC Group, Ayana was launched to develop utility-scale renewable power solar and wind-generation projects across India. To date, Ayana has received equity funding of $721 million that enables it to scale up its renewable energy portfolio to over 4 GW over the next two years.
Ayana currently has 1.14 GW of solar generation capacity in various stages of development and operation across multiple Indian states.