EverSource Capital, NIIF to invest in CDC platform
EverSource Capital and the National Investment and Infrastructure Fund (NIIF) have come together to back an India-focussed renewable energy platform floated by UK-based development finance institution CDC.
The trio will cumulatively invest $330 million (around Rs 2,340 crore) in Ayana Renewable Power, according to a statement.
EverSource Capital is a joint venture between private equity firm Everstone Capital and British solar power company Lightsource BP. It was set up last year to make green and sustainable investments in India. NIIF is a master fund backed by the Indian government.
CDC had launched its renewable energy platform in late-2017 to develop solar and wind renewable energy assets. Ayana is building a solar generation capacity of 500 megawatt (MW) with more renewable energy opportunities in the pipeline, the firm said.
EverSource will provide strategic and operational value additions to Ayana in building a high quality, rapidly scalable and utility-grade renewable energy business.
CDC's Asia head Srini Nagarajan said that Ayana was set up as part of the institution's global commitment towards fighting climate change, adding that it had achieved its early objective of attracting fresh capital.