British International Investment

Ayana Renewable Power

South AsiaInfrastructure

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.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the 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.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.


  • 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

How much?

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.


  • Value additionality: 1) 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. 2) ISTS Rajasthan and Bikaner projects: The projects are intending to use a dry-cleaning technology which will eliminate water use for module cleaning


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

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    June 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    South Asia

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.


    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.


    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    March 2021
    Amount :
    Currency of investment :

    The company or investment fund’s place of incorporation.

    Climate finance

    Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.

    Fully qualified
    Climate finance type:

Related investments made by BII into this company:

Investment name Commitment Region Sector Start date Status
Investment 01 $164.03m South Asia Infrastructure February 2019 Active

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