Ayana Renewable Gets Additional US $390 Million Funding

NIIF (National Investment and Infrastructure Fund), CDC Group and Eversource Capital governed GGEF (Green Growth Equity Fund) declared extra capital allotment of US $70 million, US $284 million and US/$36 million, in Ayana Renewable Power.

New Delhi (Natural Energy News): Renewable energy platform Ayana obtained the extra US $390 million from the CDC, NIIF and GGEF.

CDC Group, UK's Development Finance Institute and Impact Investor, NIIF (National Investment and Infrastructure Fund), CDC Group and Eversource Capital governed GGEF (Green Growth Equity Fund) declared extra capital allotment of US $70 million, US $284 million and US/$36 million, in Ayana Renewable Power, funding announced, as per a statement.

Related Article: 

The proposed transaction envisages NIIF to become a majority shareholder in Ayana. The commitment is subject to final approval procedures.

It is necessary to reduce global carbon emissions to net-zero by 2050 to limit the impact of climate change. The statement said that the creation of this green energy potential is critical to India's long-term economic growth, diverting energy away from coal and helping to create jobs.

Established in 2018 by the CDC Group, Ayana was launched to address these challenges in alignment with the United Nations Sustainable Development Goals (SDGs).

The forum generates utility-scale renewable energy from solar energy and wind energy production projects all over India to build cost-effective power capacity.

The statement said, Ayana has received the substantial US $ 721 million equity funding to grow its renewable energy portfolio by more than 4GW over the next 7 years.

ENIF, CDC and GGEF as shareholders bring complementary strengths to the platform that is built with a strong focus on governance and compliance.

Related Article: 

The statement said Ayana currently has 1.14 GW of capacity and solar power generation capacity under several stages of development and has a strong pipeline of renewable energy opportunities in the future.

The management team has a track record of winning performance of renewable power projects, which is set to play an important role in India's ambition to produce renewable energy having a power capacity of 175 GigaWatt by the year 2022 and 450 GigaWatt by the year 2030.

As per a statement, British acting High Commissioner to India Jan Thompson said, "Today's declaration intensifies the significance of commercial involvement in catalysing green energy development. I am delighted that this investment will help Ayana increase its green energy capacity And India's ambition will build. 450 GW of renewable energy by 2030. This demonstrates our commitment to support the clean energy transition and reinforce the UK and India's shared ambition to create a greener future. "

CDC Head of Asia Srini Nagarajan said in the statement, "The CDC's commitment was to tackle the climate emergency behind the construction of Ayana in 2018. Two years later and I am happy that we have raised significant business capital for this cause and In Ayana."

Related Article: 

"National Investment and Infrastructure Fund (NIIF) will now be the biggest shareholder of a corporation delivering inexpensive and convenient renewable energy all over India - withstanding the challenge of environmental change and delivering prosperity within a new green economy. Additional CDC Capital also reiterates the UK's commitment to invest in India. And a strong partnership between our countries, "said Nagarajan.

NIIF Managing Director and CEO Sujoy Bose stated that NIIF's continued support for Ayana demonstrates our confidence in the large growth potential of the Indian renewable energy sector and in Ayana's ability to generate stable risk-adjusted returns for our investors We believe

According to the statement, "With having enthusiastic shareholders and a powerful supervision committee, we are sure that Ayana will come to be a leading performer in this area over the successive few years."

CEO of Eversource Capita, Dhanpal Jhaveri said in an announcement that "the intake of more equity into Ayana, our utility-scale strategy, strengthens belief in India's pledging renewable and green energy sector."

Related Article: 

"This investment will boost our dedication to zero-carbon power production, and will produce an abundance of job openings and entry to clean energy sector," Jhaveri said.

Post a Comment