UK’s finance group launches clean energy firm in India

The UK’s development finance institution has launched an independent clean energy company in India. CDC said Ayana Renewable Power will develop wind and solar projects totalling hundreds of megawatts in […]

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By Jonny Bairstow

The UK’s development finance institution has launched an independent clean energy company in India.

CDC said Ayana Renewable Power will develop wind and solar projects totalling hundreds of megawatts in parts of the country where energy access is low and pollution from fossil fuel electricity sources is high.

The company will also aim to get involved in a number of other south Asian countries, including Bangladesh, Nepal, Myanmar and Sri Lanka.

PJ Nayak, Chairman of Ayana Renewable Power, said: “Ayana’s strategic vision is to create significant renewable power generating capacity across south Asia, complementing it with a development agenda which reaches out to communities near locations where such capacity has been created.”

India is expected to need to invest $23 billion (£17.1bn) over the next five years to meet its target of installing 40GW of solar capacity across the country’s rooftops.