ONGC NTPC Green Pvt Ltd (ONGPL), a 50:50 joint venture between ONGC Green and NTPC Green Energy, has signed a share purchase agreement to acquire a 100% equity stake in Ayana Renewable Power (Ayana). The agreement was signed with National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital. The transaction is valued at INR 195 billion ($2.3 billion).
Ayana has around 4.1 GW of operational and under-construction renewable energy assets, located across resource-rich states. Its portfolio is backed by high-credit-rated off-takers such as Solar Energy Corp. Of India, NTPC, Gujarat Urja Vikas Nigam Ltd, and Indian Railways.
This acquisition marks ONGPL’s first strategic investment since its inception in Nov. 2024 and significantly expands its renewable energy portfolio to around 4.1 GW. The deal aligns with the broader vision of its parent companies—ONGC and NTPC—to achieve net-zero targets by 2038 and 2050, respectively. ONGPL will leverage Ayana’s platform for further expansion and growth.
India has committed to achieving Net Zero emissions by 2070 and developing 500 GW of renewable energy capacity by 2030. Established by BII in 2018, Ayana attracted investments from NIIF and Eversource Capital in 2019, expanding its portfolio across solar, wind, and round-the-clock (RTC) projects while achieving best-in-class ESG ratings.
The completion of this transaction is subject to regulatory approvals and fulfilment of conditions precedent.
Sanjay Kumar Mazumder, CEO, ONGC Green, said, “The acquisition of Ayana is a strategic milestone in ONGC Green Ltd and NTPC Green Energy Ltd’s pursuit of a clean energy revolution. As two of India’s largest Maharatna public-sector units, we recognize our responsibility in driving the nation’s green energy ambitions. This acquisition propels us forward in accelerating India’s transition to a low-carbon economy, leveraging our technical expertise, industry relationships, and financial strength.”
Rajiv Gupta, CEO, NTPC Green Energy, added, “The acquisition of Ayana Renewables platform by ONGC NTPC Green is one of the historic deals by the two Maharatna behemoth in the clean energy sector. This underscores our commitment to energy transition goals and leverages our advanced technical and industry experience alongwith financial strength. This also aligns with NGEL’s mission of achieving the ambitious target of 60 GW by FY 2032 and moving forward to become one of the leading developer of utility-scale renewable energy projects in the country, thereby meeting the expectation of our shareholders at each and every step.”
For this acquisition, Deloitte Touche Tohmatsu India LLP acted as ONGPL’s transaction advisor, with JSA Advocates and Solicitors providing legal counsel. On the sellers’ side, Standard Chartered provided transaction advisory services, with Khaitan & Co and Cyril Amarchand Mangaldas as legal advisors.
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