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CDC bats for Shivanand Nimbargi for its renewable venture in South Asia

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Source: The Economic Times
Thursday, January 04, 2018

 Mumbai: CDC Group Plc, the development finance institution owned by the United Kingdom (UK) government, has backed former Green Infra Managing Director (MD) Shivanand Nimbargi to launch an independent wind and solar energy platform to cater to Indian and other South Asian markets. The company, Ayana Renewable Power, is fully owned by CDC and has appointed Dr. P.J. Nayak, former chairman of Axis Bank in India, as the chairman of Ayana Renewable Power. 


"Ayana will develop hundreds of MWs of generational capacity targeting underserved Indian states and neighbouring countries in South Asia including, Bangladesh, Nepal, Myanmar and Sri Lanka. Ayana is 100 per cent funded by CDC, and will be run by an independent Board and management team," the fund said in its release on Tuesday. 

According to sources, CDC will be making an initial investment of around $100 million to create the platform. 

With over 20 years of experience, Shivanand Nimbargi served as the MD & CEO of Green Infra till 2016. He was instrumental in increasing Green Infra's operational capacity from 150 MW to 700 MW during his tenure. His latest professional venture saw him placed as the managing director of L&T Metro Rail (Hyderabad). 

CDC, that has been investing in India since 1987, had invested in Green Infra in 2013. 

Dr. P.J. Nayak, an IAS officer who served as joint secretary for the Department of Economic Affairs in the Ministry of Finance, has more than 25 years of experience in the banking and financial services sector. He has led institutions such as Axis Bank, Union Bank of Colombo Plc, Morgan Stanley India and was also the senior adviser at TPG Capital. 
"Ayana's strategic vision is to create significant renewable power generating capacity across South Asia, complementing it with a development agenda that reaches out to communities near locations where such capacity has been created," Nayak said. 

Some of the other directors on the board of Ayana include Jayesh Desai, former head of investments at Piramal Enterprises and Rahul Sankhe, founder of Agami Ventures. 

India's demand for green energy is expected to grow seven-fold by 2035, according to the BP Energy Outlook report 2017. Accordingly, the share of renewable energy in the country's fuel mix will rise to 8% in 2035 from the current level of 2%. 


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