Ayana Renewable Power

South Asia Infrastructure

Ayana Renewable Power is an independent solar and wind generation company that will develop green energy infrastructure in India and neighbouring countries in South Asia.

Our investment

CDC launched the company in January 2018. It is run by an independent board and management team. Our investment is to support the financing of renewable power generation capacity to: displace thermal generation and avoid greenhouse gas emissions; increase the supply of reliable and clean electricity to industry to support power enabling jobs; and increase the supply of reliable and clean electricity to grid-connected households to meet the needs of consumers.

  • Reduce greenhouse gas emissions to support climate change mitigation (SDG 13A).
  • Create economic opportunities through firm growth (SDG 8.5).
  • Improve access to affordable, reliable and clean electricity (SDGs 7.1 and 7.2).
  • Direct: Finance the addition of solar PV generation capacity (currently a total of 1,100 MW financed) to avoid greenhouse emissions through the displacement of thermal generation.
  • Economic enabler: Finance the addition of solar PV generation capacity (currently a total of 1,100 MW financed) to increase the supply of reliable electricity to firms and households, enabling increased productivity and so leading to economic growth and job creation, and improving quality of life for end consumers.
Stakeholder Geography Characteristics




Andhra Pradesh and Rajasthan, India

Jobs will be mostly supported in agriculture (45 per cent), construction (12 per cent), manufacturing (12 per cent), and wholesale and retail trade (11 per cent)


Andhra Pradesh and Rajasthan, India

Urban/peri-urban households

Scale Depth/Duration
  • Employees: Currently estimated to support a total of 22,000 power enabling jobs across all projects.
  • Consumers: Currently expected to meet the equivalent demand of over 500,000 end consumers across all projects.
  • Planet: Estimated to avoid over 2.2 million tonnes of annual CO2 emissions over 20 years across all projects.
  • Employees: We expect the impact to be deeper for employees in electricity dependent industries that require more reliable power.
  • Consumers: We expect the impact to be deeper for higher income consumers who use more electricity.
Grid Score Contribution

To help us direct our investments, we use a tool called the Development Impact Grid. The Grid scores every investment we plan out of a score of four, based on two factors: the difficulty of investing in the country and whether investment in that sector will lead to jobs.

  • Ananthapuram project: Ayana empowered 184 local young people (46 per cent women) from N. P Kunta village in the Anantapur district with technical skills for the construction and operation of the project across a green jobs sector council, financial literacy and health/ hygiene programmes. The project helped local young people to qualify for jobs in the solar park.
  • ISTS Rajasthan and Bikaner projects: The projects are intending to use a dry-cleaning technology which will eliminate water use for module cleaning.

While projects are still under construction, we have a high level of confidence these will be delivered.

Expected impact

India's demand for green energy is expected to grow seven-fold by 2035, but renewable energy platforms have typically been concentrated on the country’s more developed Western and Southern states.

Our investment will support the development of utility-scale renewable power in the under-served Northern and Eastern states which suffer from a greater power deficit and are more dependent on coal power.

Building this green energy capacity is vital to India’s long-term economic development, helping to support the creation of direct and indirect jobs, as well as attracting other investors to the region.

The aim is also to develop renewable energy projects and provide a secure energy supply to other countries in South Asia, including Bangladesh, Nepal, Myanmar and Sri Lanka.

Environmental and social aspects

Our investment will contribute to the increased share of renewable energy in India's fuel mix, taking it from 2 per cent to 8 per cent by 2035.

CDC has also worked with Ayana to develop its own in-house environmental and social (E&S) function so that it can develop projects in line with Good International Industry Practice (GIIP).

A key part of Ayana's remit is to work with and support the local communities living and working in its development locations. We have produced a community development strategy to achieve this.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

South Asia

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Direct Equity
Start date

For direct investments, this is the date CDC committed capital to the business or project.

For funds, this is the date that CDC committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

April 2017

For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that CDC has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.

Local tax jurisdictions

These are the countries where the investee company files their taxes.

India (0%)

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