Masdar is reportedly eyeing a major acquisition of Indian renewables firm Ayana

UAE renewables giant Masdar is reportedly exploring acquiring a majority stake in India’s Ayana Renewable Power, Indian news outlet The Economic Times reports. The sale of a majority stake is expected to value Ayana, owned by the Southeast Asian country’s National Investment and Infrastructure Fund (NIIF), at USD 1 bn in equity. Non-binding bids are expected by mid-April.

Others are interested: Malaysia’s Petronas-owned Gentari, Singapore's renewables giant Sembcorp, and Canada’s investment firms PSP Investments, and Brookfield are all reportedly throwing their hats in the ring, ET reports.

Who owns what? NIIF owns a 51% stake in Ayana Power, British International Investment (formerly CDC Group) holds 32%, and Eversource Capital-managed Green Growth Equity Fund (GGEF) holds 17%.

Masdar is on an acquisition roll: The renewables giant reached financial close on EUR 488 mn in funding to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany last week. Masdar is also eyeing an undisclosed stake in Turkish wind producer Fiba Yenilenebilir Enerji.

About Ayana: Founded in 2017, the company is one of India’s leading renewable energy Independent Power Producers, according to their website.The company aims to add 2 GW of renewable power in India every year including a combination of wind, solar, hybrid, and RTC projects. Ayana already holds a significant portfolio of renewable and hybrid projects across India, with an operational capacity of 1.3 GW and a pipeline of over 4 GW.