Ayana Renewable Power, a Bengaluru-based renewable energy platform that is majority-controlled by National Investment and Infrastructure Fund (NIIF), has signed an expression of interest with the Government of Karnataka to invest around INR 120 billion ($1.54 billion) in developing 2 GW of wind and solar power projects in Karnataka. The renewable capacity addition will be enough to provide clean energy for nearly two million households.
Karnataka aims to develop 10 GW of additional renewable energy projects under its Renewable Energy Policy 2022-27.
At present, Ayana has 340 MW AC of operational assets in Karnataka. It recently teamed up with Greenstat Hydrogen India to jointly develop green hydrogen projects in India, the first one of which will be launched in Karnataka.
“Karnataka is a big pull for the renewable energy industry. We are pleased to have partnered with it to expand the sector further,” said Shivanand Nimbargi, Ayana managing director and chief executive officer.
Ayana aims to develop an overall renewable portfolio of 10 GW AC by 2025. British International Investment (formerly CDC Group) and EverSource Capital-managed Green Growth Equity Fund (GGEF) are the other shareholders in the company, in addition to NIIF.
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