Bengaluru-based Ayana Renewable has hit $721 million in equity funding with its promoters CDC Group, National Investment and Infrastructure Fund (NIIF), and UK-India Green Growth Equity Fund (GGEF) committing further capital injection.
NIIF will inject $284 million in equity funding, becoming the majority shareholder in Ayana. CDC Group and GGEF have committed $70 million and $36 million, respectively.
Ayana was founded in January 2018 by U.K. government-owned development finance institution CDC Group to develop renewable energy projects in India.
The platform develops utility-scale renewable power solar and wind generation projects across India to build cost-effective capacity.
The GGEF is jointly funded by U.K. and Indian public money and managed by EverSource Capital.
NIIF is a collaborative investment platform for international and Indian investors, anchored by the Government of India.
Ayana currently has 1.14 GW of solar generation capacity under various development/operation stages across multiple Indian states and a strong future pipeline of renewable energy opportunities. The $721-million equity funding received to date by Ayana is sufficient to scale up its renewable energy portfolio to over 4 GW over the next two years.
On the occasion, British Acting High Commissioner to India, Jan Thompson, reiterated the UK government’s commitment to supporting the clean energy transition. “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,” he added.
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