EverSource, NIIF, CDC to invest $330 mn in Ayana Renewable

EverSource Capital along with National Investment and Infrastructure Fund of India (NIIF) have partnered U.K. government’s CDC Group to invest $330 million in Ayana Renewable Power (Ayana), the renewable energy platform founded by CDC.

EverSource Capital, a joint venture between Everstone Capital and Lightsource BP, manages Green Growth Equity Fund (GGEF) that has NIIF and the U.K. government as anchor LPs (limited partners or investors).

Solar, wind projects

“Ayana was launched to develop utility-scale solar and wind generation projects across growth States in India. It is currently constructing 500MW of solar generation capacity with a strong future pipeline of renewable energy opportunities. With a management team that has a track record of successful execution of renewable energy projects, Ayana is well placed to play an important role in India’s ambition to build 175 GW of renewable energy capacity,” stated EverSource Capital, NIIF and CDC Group in a joint statement.

“We are delighted we achieved our early objective to attract fresh capital and we are proud to partner with NIIF and EverSource Capital,” told Srini Nagarajan, head of Asia, CDC.

“Their domestic expertise will further strengthen Ayana and support its mission in developing affordable and accessible renewable energy across India.

“This investment demonstrates our commitment to invest a further $1.7 billion in India and neighboring countries over the next three years,” he further said.

CDC is looking for further investment opportunities in power generation, power transmission and distribution, transport, the gas midstream and the water sector.

Sujoy Bose, MD & CEO, NIIF, stated “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.”

Standard Chartered Bank performed as the exclusive financial advisor to Ayana Renewable Power Private Limited.

Dhanpal Jhaveri, CEO, EverSource Capital said,“This partnership brings together like-minded institutional, climate-focussed and experienced partners. EverSource has a deep understanding of renewables business with an extensive track record of scaling up world class businesses in India and will provide strategic and operational value add to Ayana in building a high quality rapidly scalable utility grade renewable energy business.”

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