New Delhi, 12th February 2025: ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) on 12th February 2025 with National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc (BII), , and Eversource Capital to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana) for an enterprise value of INR 195 billion (USD 2.3 billion).
Ayana, a leading player in the renewable energy sector, has c. 4.1 GW operational and under-construction assets with a development pipeline of c. 1 GW. A majority of Ayana’s portfolio is strategically located in resource rich states and are contracted with high credit rated off-takers such as SECI, NTPC, GUVNL, Indian Railways, among others.
This transaction marks a significant milestone for ONGPL as its first strategic acquisition since its establishment in November 2024, accelerating its expansion into the renewable energy sector and reinforcing its commitment to sustainability. It aligns with the broader vision of its ultimate Parent Companies (ONGC and NTPC) to achieve their Net Zero targets by 2038 and 2050 respectively.
India has a commitment to achieve Net-Zero emissions by 2070 and 500 GW of renewable capacity by 2030.
As India’s largest domestic infrastructure fund, NIIF played a pivotal role in scaling Ayana into one of the foremost renewable platforms in the country, in line with the Government of India’s vision to accelerate India’s transition to clean energy and drive a resilient energy future. Launched by BII in 2018, Ayana secured investment from NIIF and Eversource in 2019, expanding its portfolio across solar, wind and RTC projects and strengthening execution capabilities. It also achieved a best-in-class ESG rating, ranking 1st in Asia and among the top three companies globally in the renewable energy sector (source ISS ESG).
A further fund round in March 2021 saw NIIF and BII commit additional capital.
The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals.
Sanjay Mazumdar, CEO, ONGC Green Limited, said: “Acquisition of Ayana Renewables platform is a strategic decision of ONGC Green Ltd and NTPC Green Energy Ltd to accelerate the momentum towards Clean Energy Revolution! This acquisition will mark a historic milestone in our journey towards a sustainable energy future. As a joint venture of two biggest Maharatna PSUs, we recognise the accountability to drive India’s green energy ambitions. This value accretive acquisition will help us take a giant leap in accelerating the nation’s transition to a low-carbon economy. Leveraging our strong technical expertise, industry connects and financial skills, we would be able to substantially enhance the value for our shareholders. Together, we will fuel the future with cleaner, greener energy.”
Rajiv Gupta, CEO, NTPC Green Energy Ltd said: “The acquisition of Ayana Renewables platform by ONGC NTPC Green Private Limited (ONGPL) 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 32 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. By< joining hands we will create a cleaner and strengthened vision for Vikasit Bharat!”
About ONGPL (Buyer):
ONGC NTPC Green Private Limited (ONGPL) is a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL) focused on exploring and developing renewable energy projects, both through greenfield expansion and acquisitions. In its maiden venture of above acquisition process, ONGPL is planning to take a big stride with c.4.1 GW renewable energy portfolio.