EverSource, NIIF, CDC invest $330 million in Ayana1 min read . Updated: 28 Feb 2019, 11:49 PM IST
- Ayana, set up to develop solar and wind projects, is now constructing 500MW of solar generation capacity
- The deal is subject to regulatory approvals
Mumbai: EverSource Capital and the National Investment and Infrastructure Fund Ltd (NIIF) have partnered with CDC Group, the UK’s development finance institution, to invest in its renewable energy platform, Ayana Renewable Power.
The three partners will invest $330 million in Ayana, the companies said in a joint statement on Thursday, adding that the deal is subject to regulatory approvals.
While EverSource Capital is a 50:50 joint venture between private equity firm Everstone and global solar project developer Lightsource BP, NIIF is the Indian government’s sovereign wealth fund.
NIIF and the UK government are anchor investors in Green Growth Equity Fund, which is managed by Mumbai-based EverSource Capital.
Last November, Mint had reported that Ayana was in talks to raise funds.
“The Indian renewable energy sector has seen strong traction underpinned by healthy capacity additions with globally competitive tariffs. We are pleased to be partnering with CDC and EverSource Capital, and backing a strong management team with a successful track record of developing renewable energy in India. We look forward to working with our partners who bring complementary strengths and substantial capital to the platform," said Sujoy Bose, managing director and chief executive officer, NIIF.
Ayana was set up to develop utility scale solar and wind generation projects in India. It is currently constructing 500 megawatts of solar generation capacity.