Ayana hits $721m in funding with CDC, NIIF, GGEF deals
CDC, the UK’s development finance institution; the National Investment and Infrastructure Fund; and the Green Growth Equity Fund have announced additional equity funding to India's Ayana Renewable Power.
CDC provided $70 million, the NIIF $284 million, and Green Growth Equity Fund $36 million. The proposed transaction envisages NIIF to become the majority shareholder in Ayana. The commitment is subject to final approval processes.
Ayana develops utility-scale renewable power solar and wind generation projects across India to build cost-effective capacity. To date, Ayana has received equity funding of $721 million; sufficient to scale up its renewable energy portfolio to over 4GW over the next two years. The platform currently has 1.14GW of solar generation capacity under various stages of development/operation across multiple Indian states, and a strong future pipeline of renewable energy opportunities.
