CDC to raise $100 million with Ayana Renewable stake sale

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In January this year, CDC pledged $100 million for clean energy in India. The 100% CDC-funded Ayana Renewable Power was formed to build wind and solar installations in the country’s most polluted urban areas and neighboring countries in South Asia, including Bangladesh, Nepal, Myanmar and Sri Lanka.

“Ayana’s strategic vision is to create significant renewable power generating capacity across South Asia, complementing it with a development agenda that reaches out to communities near locations where such capacity has been created,” P.J. Nayak, Chairman, Ayana Renewable Power, said at the time of the company’s launch.

According to its official website, Ayana had set a target to install at least 2 GW of renewable power by 2022. In India, the company started its journey with a 250 MW Solar PV Project under NSM Phase II Batch National Solar Mission Phase – II issued by the National Thermal Power Corporation (NTPC) in Anantapur District of Andhra Pradesh.

Though Ayana is 100% funded by CDC, it is managed and run by an independent board and management team.

Ayana is not CDC’s first foray into India’s renewable space. In November 2013, it invested $25 million in IDFC Alternatives-backed clean energy firm Green Infra. This year marked the company’s 30th year of investing in India.