The UK’s development finance institution CDC announced that it has formed a new company Ayana Renewable Power that will focus on operations in India and neighboring South Asian countries.
The firm has also appointed PJ Nayak as the chairman and Shivanand Nimbargi as managing director and CEO of Ayana Renewable Power, a new independent solar and wind generation, the company said in a statement issued here.
“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,” it said.
With more than 25 years of experience in the banking and financial services sector Nayak was the former chairman and CEO of Axis Bank, and has served as the chairman of Union Bank of Colombo, country head at Morgan Stanley India and senior adviser at TPG Capital.
Prior to this he was a senior official in the Indian Administrative Services, and served as joint secretary for the Department of Economic Affairs in the Ministry of Finance.
“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 said.
Nimbargi, who has an experience of over 20 years in the power sector, has served as the managing director and CEO of Green Infra from 2011 to 2016.
While at Green Infra, he built a new management team and more than doubled the company’s operational capacity from 150 MW to 700 MW. He previously held a variety of senior roles at Alstom India where he was employed for 15 years. He was most recently the managing director of L&T Metro Rail (Hyderabad).