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

October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 6, 2025
Indian infrastructure company focused on rooftop and ground-based solar power installations, PVV Infra has secured solar power orders worth INR7.9 billion (US$90 million) through two of its subsidiaries. 
October 6, 2025
Indian solar developer ACME Group has established a new subsidiary to manage its renewable equipment manufacturing business, under which it is planning to scale production of TOPCon PV modules.
October 6, 2025
Rajasthan government will develop 500MW/2,000MWh of standalone battery energy storage systems (BESS) with a four-hour single-cycle configuration and extended operational life.
October 2, 2025
The Indian solar industry has 86GW and 182GW of solar cell and module manufacturing capacity, respectively, expected to be commissioned by 2027.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK