UK development financier launches solar and wind firm for South Asia

Facebook
Twitter
LinkedIn
Reddit
Email
Ayana Renewable Power, entirely funded by CDC, will develop “hundreds of megawatts” of generational capacity. Credit: CDC

CDC, the UK government’s development finance institution, has launched a new independent solar and wind generation company to focus on India and neighbouring South Asian nations.

Ayana Renewable Power, entirely funded by CDC, will develop “hundreds of megawatts” of generational capacity with a focus on what it named “underserved” Indian states as well as the neighbouring countries of Bangladesh, Nepal, Myanmar and Sri Lanka.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

CDC has appointed Shivanand Nimbargi as managing director and CEO of Ayana. Nimbargi has previously held the position of MD and CEO for Indian renewables firm Green Infra from 2011 to 2016, where he grew operational capacity from 150MW to around 700MW.

Dr. P.J. Nayak was also appointed as chairman of Ayana. Nayak was former chairman and CEO of Axis Bank and has served as joint secretary for the Department of Economic Affairs in the Ministry of Finance, among other roles.

Nayak said: “Ayana’s strategic vision is to create significant renewable power generating capacity across South Asia, complementing it with a development agenda which reaches out to communities near locations where such capacity has been created.”

Nayak will lead a Board including the non-executive directors Jayesh Desai, an experienced financial services and investment professional who was previously Head of Investments at Piramal Enterprises, and Rahul Sankhe, founder of Agami Ventures and former managing director (India) for SunEdison.

Back in October CDC provided a US$97 million loan as aprt of an IFC-led finanacing package to fund the construction of 13 solar power plants with a combined capacity of 752MW in the larger 1.2GW Benban Solar Park in Egypt.

The UK's largest solar firm has also made its mark in India last October. Lightsource Renewable Energy and UK Climate Investments (UKCI) entered into a partnership for the development, acquisition and ownership of utility-scale solar assets in India.

Read Next

September 4, 2025
India’s Goods and Services Tax (GST) Council, the joint forum of the Centre and States, has reduced the GST rate on renewable energy components from 12% to 5%. 
September 4, 2025
Indian solar manufacturer Waaree Energies has acquired a 64% equity stake in power transformer manufacturing company Kotsons.
September 3, 2025
India has added 2.8GW of rooftop solar in H1 2025, a 158% year-on-year surge from just 1.1GW in the same period last year.
Premium
September 1, 2025
The UK’s new Labour government took power last summer, promising a renewable energy revolution, with solar playing a lead role.
September 1, 2025
The US International Trade Commission (ITC) has voted to continue the investigation on imported solar cells from India, Indonesia and Laos.
August 29, 2025
The first half of 2025 has been the strongest year for UK solar energy generation on record, according to a new report think tank Ember.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines