ONGC-NTPC Green Energy JV ONGPL to Acquire Ayana Renewable for 19,500 Cr.
ONGPL, an equally-owned joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement to acquire 100% stake in Ayana Renewable Power Private Limited. Ayana Renewable Power will be acquired at about Rs. 19,500 crore or USD 2.3 billion.
Details of Ayana Renewable Acquisition
ONGPL has signed the aforementioned Share Purchase Agreement with National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Mumbai-based Eversource Capital who are the financers of Ayana. While NIIF is the majority shareholder with 51% stake in Ayana Renewable Power, BII and Eversource own 32% and 17% of the company respectively.
Ayana Renewables was established by BII in 2018; further the company received investments from NIIF and Eversource Capital in 2019. These investments helped Ayana Renewables to expand its portfolio, which encompasses solar, wind, and round-the-clock (RTC) projects.
Ayana Renewable Acquisition First Major Investment by ONGPL
ONGPL JV was formed in November 2024 for concentrated efforts in renewable sector by two major PSU firms NTPC Green and ONGC. Ayana Renewable acquisition is the first major investment by ONGPL and a crucial step for expanding its footprint in the Renewable Energy (RE) sector. Going by media reports, ONGPL has bested JSW Energy Ltd.’s subsidiary, JSW Neo Energy, in the pursuit of acquiring Ayana Renewable Power.
Ayana Renewable Power’s portfolio includes 4.1 GW of operational and under-construction assets in India, out of which 1.6 GW of RE projects have been commissioned, while 2.5 GW of RE projects are under-development at various stages. Apart from this, 1 GW of Ayana Renewable Power’s RE projects are in the pipeline. Ayana Renewable’s projects have power supply arrangements with reputed players such as SECI, NTPC, Gujarat Urja Vikas Nigam Ltd. (GUVNL), and Indian Railways.
Strategic Investment by ONGC and NTPC to Achieve Net Zero Emissions Target
ONGPL’s parent PSU companies, ONGC and NTPC, have set targets to be Carbon Net Zero by 2038 and 2050, respectively. Ayana Renewables acquisition aligns with their net-zero goals and supports India’s progress toward achieving 500 GW of renewable energy capacity by 2030. The move also strengthens India’s commitment to sustainability and reducing carbon emissions.
Commenting on the acquisition Mr. Sanjay Mazumdar, CEO, ONGC Green Limited said, “This acquisition marks a historic milestone in our journey toward a sustainable energy future. Leveraging our technical expertise and financial skills, we will enhance shareholder value and accelerate India’s low-carbon transition”.
Expressing his views Mr. Rajiv Gupta, CEO, NTPC Green Energy Ltd. stated “This is a landmark deal in India’s clean energy sector. It aligns with NGEL’s goal of achieving 60 GW by FY32 and becoming a leading developer of utility-scale renewable energy projects”.
The completion of the deal is subject to regulatory approvals and conditions precedent. Once finalized, ONGPL will significantly enhance its renewable energy portfolio, positioning itself as a key player in India’s clean energy transition.
