Eversource Capital, the National Investment and Infrastructure Fund (NIIF) of India and the UK government’s CDC Group have partnered to invest $330 million (£248m) in CDC’s Ayana Renewable Power platform.
Ayana Renewable Power aims to develop utility scale solar and wind generation projects across India. It is currently constructing 500MW of solar generation capacity and working on establishing a future pipeline of clean opportunities.
The company will also aim to get involved in a number of other south Asian countries, including Bangladesh, Nepal, Myanmar and Sri Lanka.
The EverSource Capital contribution will be supplied from its flagship Green Growth Equity Fund (GGEF), launched in 2018 with a £240 million investment from the National Investment and NIIF and the CDC Group.
The organisation hopes to work towards India’s ambition to build 175GW of renewable energy capacity by 2022.
James Brooks, Group Chief Strategy Officer, Lightsource BP and Managing Partner, EverSource Capital, said: “We are excited about our new partnership with Ayana, CDC and NIIF.
“It is the first investment by our joint venture EverSource Capital and is representative of the future of sustainability investments: viable, commercially attractive, sustainable and scalable.”