British International Investment (then CDC Group) launched Ayana Renewable Power in 2018 with a $100 million investment in order to develop solar projects in energy-poor parts of India, as well as Bangladesh, Nepal, Sri Lanka and Myanmar. The UK development finance institution and Ayana’s other shareholders have sold their stakes in Ayana to ONGPL, a joint-venture between an Indian government-owned oil and gas producer and a government-owned power company.
The deal gives ONGPL 100% ownership of Ayana and its four gigawatt portfolio of renewable power assets, and values Ayana at $2.3 billion.
Catalyzing the green transition
India is heavily dependent on fossil fuels, especially coal, to meet its power needs. The world’s third-largest carbon emitter is on a renewables development tear to reach its target of 500 gigawatts of renewable generating capacity by 2030. It has surpassed 200 gigawatts, having brought almost 30 gigawatts of clean power generation online last year.
BII launched Ayana “to play a catalytic role in accelerating the adoption of renewable power in India,” said BII’s Srini Nagarajan. Investments in Ayana and its projects have mobilized “well over $1 billion in capital for the business over the last eight years.”
One of Ayana’s new owners, the government owned oil and gas company ONGC, is investing heavily in renewables to reach its net-zero goal by 2038.
