ONGC NTPC Green Private Limited (ONGPL), a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana). The acquisition, valued at INR 195 billion (USD 2.3 billion), is a significant milestone in India’s renewable energy sector.
The agreement was signed with the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital. Ayana, a major renewable energy player primarily owned by NIIF, has an operational and under-construction portfolio of approximately 4.1 GW. The majority of Ayana’s assets are strategically located in high-resource states and contracted with high-credit-rated off-takers such as the Solar Energy Corporation of India (SECI), NTPC, Gujarat Urja Vikas Nigam Limited (GUVNL), and Indian Railways.
Strategic Expansion into Renewable Energy
This acquisition marks ONGPL’s first major transaction since its establishment in November 2024, accelerating its expansion into the renewable energy sector. It aligns with the broader vision of parent companies ONGC and NTPC to achieve net-zero targets by 2038 and 2050, respectively.
Sanjay Kumar Mazumder, CEO of ONGC Green Limited, emphasized the significance of the deal, stating, “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 PSUs, we recognize our responsibility in driving the nation’s green energy ambitions.”
Rajiv Gupta, CEO of NTPC Green Energy, described the transaction as “one of the historic deals by two Maharatna behemoths in the clean energy sector,” reinforcing NGEL’s commitment to achieving its ambitious 60 GW renewable energy target by FY 2032.
Ayana’s Growth and Future Prospects
Since its inception in 2018 by BII, Ayana has grown significantly, securing investments from NIIF and Eversource in 2019. The company has expanded its portfolio across solar, wind, and round-the-clock (RTC) renewable projects. It has also achieved a best-in-class ESG rating, ranking first in Asia and among the top three globally in the renewable energy sector, according to ISS ESG.
NIIF, which played a crucial role in scaling Ayana into a leading renewable energy platform, highlighted the transaction as a step towards unlocking value while continuing to attract global institutional capital into India’s clean energy transition. Vinod Giri, Managing Partner of NIIF, noted, “Ayana’s successful growth underscores NIIF’s commitment to investing at scale in India’s sustainable infrastructure sector.”
Srini Nagarajan, Managing Director and Head of Asia at BII, reflected on Ayana’s journey, stating, “BII launched Ayana in 2018 to accelerate renewable power adoption in India. Over the last eight years, we have mobilized over $1 billion in capital, and this transaction ensures Ayana’s continued momentum in India’s net-zero journey.”
Dhanpal Jhaveri, CEO of Eversource Capital, expressed confidence in Ayana’s future, saying, “We are proud to have built Ayana into one of India’s leading renewable platforms. As it embarks on a new journey with ONGPL, we are confident that Ayana will continue driving India’s transition to net zero.”
Regulatory Approvals and Transaction Advisors
The acquisition is subject to regulatory approvals and the fulfillment of conditions precedent. Deloitte Touche Tohmatsu India LLP acted as the buy-side transaction advisor, with JSA Advocates and Solicitors providing legal advisory services. On the sell-side, Standard Chartered served as transaction advisor, while Khaitan & Co and Cyril Amarchand Mangaldas acted as legal advisors.
India aims to achieve net-zero emissions by 2070 and a renewable capacity of 500 GW by 2030. This acquisition reinforces ONGPL’s role in advancing India’s clean energy ambitions and strengthening its renewable energy portfolio.
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