ONGC NTPC Green Private Limited (ONGPL), a joint venture of NTPC Green Energy Limited and ONGC Green Limited, has signed a Share Purchase Agreement to acquire 100% equity stake in Ayana Renewable Power Private Limited. The deal, valued at approximately ₹19,500 crore (~$2.3 billion), marks a significant milestone in India’s clean energy expansion.
Ayana Renewable Power, a leading player in the renewable sector, boasts an impressive portfolio of 4.1 GW capacity, comprising operational and under-construction assets. The acquisition agreement was signed between ONGPL and key stakeholders, including the National Investment and Infrastructure Fund, British International Investment Plc, CDC India Opportunities Limited, and Eversource Capital-managed Green Growth Equity Fund (GGEF).
The transaction, subject to regulatory approvals and fulfillment of necessary conditions, aligns with India’s ambitious target of achieving 500 GW of non-fossil fuel capacity by 2030. ONGPL’s acquisition of Ayana is expected to bolster India’s renewable energy infrastructure and contribute significantly to the country’s clean energy transition.
NTPC Green Energy Limited, a subsidiary of NTPC Limited, and ONGC Green Limited, a unit of ONGC, formed ONGPL as a 50:50 joint venture to drive sustainable energy investments. The latest acquisition solidifies ONGPL’s commitment to expanding its footprint in the renewable energy sector.
The move comes as India accelerates efforts to decarbonize its energy sector and attract investments in clean energy projects. With this acquisition, ONGPL aims to leverage Ayana’s strong renewable energy portfolio to enhance its green energy capabilities and contribute to India’s sustainable energy goals.
