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• ONGC NTPC Green Private Limited (ONGPL) acquires Ayana Renewable Power for INR 195B ($2.3B), marking its first strategic acquisition.
• Ayana’s 4.1 GW operational and under-construction portfolio accelerates ONGPL’s renewable energy ambitions.
• The deal aligns with India’s goal of 500 GW renewable capacity by 2030 and Net-Zero emissions by 2070.

ONGPL, a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) to acquire a 100% stake in Ayana Renewable Power Private Limited. The transaction, valued at INR 195 billion ($2.3 billion), includes investments from National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.

Why It Matters:

This acquisition accelerates ONGPL’s expansion into renewable energy and strengthens India’s commitment to sustainability. Ayana’s portfolio includes 4.1 GW of operational and under-construction assets, plus an additional 1 GW in the pipeline. The assets are largely contracted with high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.

Strategic Vision:

ONGPL’s parent companies, ONGC and NTPC, aim for Net Zero emissions by 2038 and 2050, respectively. This acquisition supports those goals and enhances India’s progress toward 500 GW of renewable energy capacity by 2030.

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Industry Impact:

NIIF, India’s largest domestic infrastructure fund, played a key role in scaling Ayana into a leading renewable energy platform. Founded by BII in 2018, Ayana expanded its investments across solar, wind, and round-the-clock (RTC) projects while achieving a top ESG rating—ranked 1st in Asia and among the top three globally by ISS ESG.

Leadership Statements:

Sanjay Mazumdar, CEO, ONGC Green Limited: “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.”

Rajiv Gupta, CEO, NTPC Green Energy Ltd: “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.”

What’s Next:

The deal’s completion is subject to regulatory approvals and conditions precedent. Once finalized, ONGPL will significantly strengthen its renewable energy portfolio, positioning itself as a key player in India’s clean energy transition.

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