The UK’s development finance institution CDC has launched an independent clean energy company in India called Ayana Renewable Power to develop wind and solar projects.
CDC said Ayana plans to develop “hundreds of megawatts” of projects in “underserved Indian states”.
The company will also target neighbouring countries in south Asia, including Bangladesh, Nepal, Myanmar and Sri Lanka.
Shivanand Nimbargi has been appointed managing director and chief executive and PJ Nayak chairman of Ayana.
Nimbargi worked for Indian renewables company Green Infra from 2011 to 2016 and was most recently MD of L&T Metro Rail Hyderabad.
Nayak has more than 25 years’ experience in the banking and financial services sector, CDC said.
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.”