Joining Masdar in this high-stakes race are notable contenders including Gentari, owned by Malaysia’s Petronas, Sembcorp from Singapore, and Canadian giants PSP Investments and Brookfield
Abu Dhabi-based renewable energy leader, Masdar, is making significant strides in expanding its global footprint with a keen eye on India’s burgeoning clean energy sector. Sources close to the matter have revealed to Economic Times, a prominent Indian financial daily, that Masdar is among the frontrunners vying for a majority stake in Ayana Renewable Power, an esteemed clean energy firm currently under the ownership of India’s National Investment and Infrastructure Fund (NIIF).
Joining Masdar in this high-stakes race are notable contenders including Gentari, owned by Malaysia’s Petronas, Sembcorp from Singapore, and Canadian giants PSP Investments and Brookfield, as reported by Economic Times.
The proposed majority stake sale is poised to catapult Ayana’s equity valuation to a substantial $1 billion, with the overall enterprise value, encompassing debt, estimated to hover between $2.5 billion and $3 billion, according to industry insiders familiar with the matter.
Masdar’s potential acquisition of Ayana positions it as a key player in advancing India’s renewable energy ambitions while reinforcing the UAE’s commitment to global sustainability efforts
With the deadline for non-binding bids looming, slated for mid-April, the competition is intensifying as each contender strategizes to clinch the deal. Currently, NIIF holds a controlling 51% stake in Ayana, while British International Investment commands 32%, and the Eversource Capital-managed Green Growth Equity Fund (GGEF) holds the remaining 17%.
As of the close of November 2023, Ayana boasts an operational renewable energy portfolio boasting 1.3 gigawatts (GW) and an ambitious under-construction pipeline totaling 3.0 GW, signaling robust growth prospects in India’s dynamic clean energy landscape.
This strategic move by Masdar, according to the report, aligns with the broader vision of fostering sustainable partnerships between the UAE and India, as articulated by Sultan Al Jaber, the COP28 president-designate. The UAE, committed to exploring avenues of collaboration with India, aims to play a pivotal role in supporting New Delhi’s trajectory towards high-growth, low-carbon development, as highlighted by the Press Trust of India news agency in February 2023. Masdar’s potential acquisition of Ayana positions it as a key player in advancing India’s renewable energy ambitions while reinforcing the UAE’s commitment to global sustainability efforts.
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