Ayana Renewable Power

South Asia Infrastructure

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

It has appointed Shivanand Nimbargi, former CEO of renewable energy company Green Infra, as managing director and chief executive officer, and P.J. Nayak as chairman.

Our investment

Launched in January 2018, CDC has initially committed to invest $100m into the company.

Ayana is 100 per cent funded by CDC, and is run by an independent board and management team.

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.