Renewable energy platform Ayana got additional funding worth $390 million from the CDC, the National Investment and Infrastructure Fund (NIIF) and the Green Growth Equity Fund (GGEF).

CDC Group, the UK’s development finance institution and impact investor, NIIF and EverSource Capital managed GGEF announced additional equity funding of $70 million, $284 million and $36 million respectively in Ayana Renewable Power (Ayana), a leading Indian renewable energy platform, a statement said.

The proposed transaction envisages NIIF to become the majority shareholder in Ayana. The commitment is subject to final approval processes. Reducing global carbon emissions to net-zero by 2050 is essential to limit the impact of climate change. Building this green energy capacity is vital to India’s long-term economic development, decarbonise the energy mix away from coal and support the creation of jobs, the statement said.

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Founded in 2018 by the CDC Group, Ayana was launched to address these challenges in alignment with the UN’s Sustainable Development Goals (SDGs), it said. The platform develops utility-scale renewable power solar and wind generation projects across India to build cost-effective capacity.

Ayana has received equity funding of $721 million, sufficient to scale up its renewable energy portfolio to over 4GW over the next two years, the statement said. The NIIF, CDC and GGEF as shareholders bring complementary strengths to the platform that has been built with a strong focus on governance and compliance, it said.