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In February 2019, we announced that our Indian investment joint venture, EverSource Capital, is investing a total of $330million in Ayana Renewable Power.
A GGEF investment
Our contribution made by EverSource Capital comes from our launch fund, the Green Growth Equity Fund. The GGEF was launched in 2018 with a £240m cornerstone investment from the National Investment and Infrastructure Fund of India (NIIF) and the UK government, and focuses on large scale green energy and sustainable infrastructure platforms in India.
Pipeline & expertise
Ayana Renewable Power develops utility scale solar and wind generation projects across growth states in India, and are currently constructing 500MW of solar generation capacity with a strong future pipeline of renewable energy opportunities. The management team has a track record of successful execution of renewable energy projects, so a partnership between Lightsource bp and Ayana combines relevant industrial and local India expertise with powerful financial backing and capital partners.
Big picture – the Indian energy market
Ayana is well placed to play an important role in India’s ambition to build 175GW of renewable energy capacity by 2022. The country is projected to take over from China by mid-2020, as the world’s largest energy growth market. By that time, it’s thought that India will be accounting for over a quarter of the growth in global energy demand. The growth will be impressive, and it’s going to be led by renewable power projects, huge electrification and decarbonisation of the economy, and a clear focus on resource and energy efficiency.
Knowing this, Ayana, and other EverSource Capital investment platforms, is perfectly placed to follow will follow the trends that are emerging in the Indian market. We’re working to create market-leading, professionally-managed companies, supporting significant institutional capital investment, and accelerate the growth in India’s energy sector specifically and economy in general.
For more information, see our press release.