Abu Dhabi’s Masdar is in the race to acquire Ayana Renewable Power, a clean energy company owned by India’s National Investment and Infrastructure Fund (NIIF), informed sources told Economic Times, an Indian financial daily.

Others in the fray include Malaysia’s Petronas-owned Gentari, Singapore’s Sembcorp and Canada’s PSP Investments and Brookfield, the report said.

The majority stake sale is set to value Ayana's equity at $1 billion, with the enterprise value, inclusive of debt, estimated between $2.5 and $3 billion.

The non-binding bids are expected to be submitted by mid-April.  

NIIF owns 51% of Ayana. British International Investment holds 32%, while Eversource Capital-managed Green Growth Equity Fund (GGEF) owns 17%.

As of November 2023-end, Ayana operates a renewable energy portfolio of 1.3 gigawatts (GW) and has an under-construction pipeline of 3.0 GW.

The UAE will explore all opportunities for partnership with India to contribute to New Delhi’s high-growth, low-carbon pathway, the state-owned Press Trust of India news agency reported in February 2023, quoting Sultan Al Jaber, the COP28 president-designate. 

(Editing by Seban Scaria seban.scaria@lseg.com)