ONGC NTPC Green has entered into an agreement with the National Investment and Infrastructure Fund (NIIF) and three other partners to acquire a 100% stake in Ayana Renewable Power for an enterprise value of Rs 19,500 crore. This acquisition marks a significant step in the company’s expansion into the renewable energy sector.
ONGC NTPC Green is a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), both of which are key players in the energy industry. The acquisition deal was formalized through a Share Purchase Agreement (SPA) with NIIF, BII South Asia Renewables Limited, British International Investment Plc (BII), and Eversource Capital.
Ayana Renewable Power, a prominent renewable energy company, has a combined 4.1 GW of operational and under-construction assets, along with a development pipeline of 1 GW. A large portion of its projects are strategically located in resource-rich states and are backed by high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.
Rajiv Gupta, CEO of NTPC Green Energy Ltd, stated that the acquisition is in line with NGEL’s ambitious goal of reaching 60 GW by FY32, positioning the company as a leader in the utility-scale renewable energy space. Sanjay Mazumdar, CEO of ONGC Green Limited, added that this acquisition is a significant step in accelerating India’s transition to a low-carbon economy. The deal is subject to regulatory approvals and the fulfilment of certain conditions.
ONGC NTPC Green Energy Pvt. Ltd. (ONGC NTPC Green) is a joint venture between Oil and Natural Gas Corporation (ONGC) and NTPC Ltd., aimed at accelerating India’s transition to clean energy. The company focuses on developing, operating, and expanding renewable energy projects, including solar, wind, and green hydrogen, to support India’s sustainable energy goals. By leveraging the expertise of ONGC in the energy sector and NTPC’s leadership in power generation, ONGC NTPC Green is committed to reducing carbon emissions and promoting a greener future through innovative and scalable renewable energy solutions.
