EverSource, NIIF Acquire Minority Stake in Ayana Renewable Power


Ayana is currently developing two solar parks of 500 MW capacity in Andhra Pradesh—one at Anantapur and the other at Kadapa. 

National Investment and Infrastructure Fund of India (NIIF) and EverSource Capital have acquired a significant minority stake in Ayana Renewable Power, the renewable energy platform founded by UK-based CDC Group.

All three partners – NIIF, EverSource and CDC Group- will invest $330 million cumulatively in Ayana, an official statement said.

EverSource Capital is a joint venture between Everstone Capital and Lightsource BP founded in 2018 to make green and sustainable investments in India. It manages Green Growth Equity Fund (GGEF), which has NIIF and the UK government as anchor LPs (Limited Partners or investors).

“…We are proud to partner with NIIF and EverSource Capital. 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 neighbouring countries over the next three years,” said Srini Nagarajan, CDC’s Head of Asia.

Ayana currently constructing 500MW solar generation capacity

Ayana was launched to develop utility scale solar and wind generation projects across the developing states in India.

By 2022, Ayana plans to add at least 2,000 MW of renewable power in countries such as India, Bangladesh, Nepal, Bhutan, Sri Lanka and Myanmar.

The company is currently developing two solar parks of 500MW capacity in Andhra Pradesh—one at Anantapur, which is due to begin commercial operation in August 2019, and other at Kadapa, where commercial operations will start in June 2020.

It has signed a 25-year power purchase agreement (PPA) for the Anantapur plant with NTPC, and for the Kadapa plant with Solar Energy Corporation of India Ltd.

Partnership to boost India’s renewable energy capacity

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

Dhanpal Jhaveri, CEO, EverSource Capital, added, “EverSource 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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