NIIF, Eversource Capital to invest USD 330 mn in Ayana for business expansion

National Investment and Infrastructure Fund of India (NIIF) and Eversource Capital Thursday announced a USD 330 million investment in renewables player Ayana, along with its promoter CDC Group. No details on the valuation of the company, which is into developing solar and wind generation projects, were shared.

Eversource is a joint venture between Everstone Capital and Lightsource BP which manages Green Growth Equity Fund (GGEF), which has NIIF and the UK government as anchor limited partners, an official statement said. The NIIF has been active in investments including its recently announced commitment to bail out the ailing Jet Airways.

Ayana Renewable Power is presently constructing 500MW of solar generation capacity with a strong future pipeline of renewable energy opportunities. NIIF and Eversource Capital's domestic expertise will further strengthen Ayana and support its mission in developing affordable and accessible renewable energy across India, CDC's head of Asia Srini Nagarajan said.

"This investment demonstrates our commitment to invest a further USD 1.7 billion in India and neighbouring countries over the next three years. Within infrastructure, we see further opportunities to provide investment to businesses operating within power generation, power transmission and distribution, transport, the gas midstream and the water sector," he added. It can be noted that CDC is the UK government's development finance institution.