ONGC NTPC Green Signs PSA To Acquire 100% Stake In Ayana Renewable Power For ₹195 Billion

ONGC NTPC Green Private Limited (ONGPL), a joint venture between ONGC Green Limited and NTPC Green Energy Limited, has signed a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited. The agreement was signed on February 12, 2025, with the National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc (BII), and Eversource Capital. The acquisition, valued at ₹195 billion (USD 2.3 billion), marks ONGPL’s first strategic purchase since its establishment in November 2024, accelerating its expansion in the renewable energy sector.

Ayana Renewable Power is a key player in the renewable energy market, with approximately 4.1 GW of operational and under-construction assets and an additional 1 GW development pipeline. Its portfolio includes solar, wind, and round-the-clock (RTC) projects, with most assets located in resource-rich states. The projects are contracted with high-credit-rated off-takers, including SECI, NTPC, GUVNL, and Indian Railways, ensuring financial stability.

This acquisition aligns with the long-term sustainability goals of ONGC and NTPC. ONGC has committed to achieving net-zero emissions by 2038, while NTPC has set its target for 2050. The deal also supports India’s national renewable energy ambitions, which include reaching 500 GW of renewable capacity by 2030 and achieving net-zero emissions by 2070.

NIIF, as India’s largest domestic infrastructure fund, has played a major role in scaling Ayana into one of the country’s leading renewable energy platforms. Launched in 2018 by BII, Ayana received investments from NIIF and Eversource in 2019, strengthening its execution capabilities and expanding its portfolio. The company has also achieved a top ESG rating, ranking first in Asia and among the top three globally in the renewable energy sector, according to ISS ESG.

Sanjay Mazumdar, CEO of ONGC Green Limited, emphasized that the acquisition is a strategic step to accelerate India’s clean energy revolution. He stated that as a joint venture between two Maharatna PSUs, ONGC and NTPC, ONGPL is committed to driving India’s green energy ambitions. The acquisition will help enhance shareholder value while significantly contributing to the transition toward a low-carbon economy.

Rajiv Gupta, CEO of NTPC Green Energy Limited, described the acquisition as one of the most significant deals in the clean energy sector. He noted that it aligns with NGEL’s target of reaching 60 GW of renewable capacity by FY 2032 and positioning itself as a leading utility-scale renewable energy developer in India. He added that this partnership will support India’s goal of becoming a developed and energy-secure nation.

Vinod Giri, Managing Partner of NIIF, highlighted that Ayana’s success showcases NIIF’s commitment to large-scale investments in India’s sustainable infrastructure sector. The transaction allows NIIF to unlock value while continuing to attract global institutional capital into India’s renewable energy space.

Srini Nagarajan, Managing Director and Head of Asia at BII explained that Ayana was launched in 2018 to accelerate renewable energy adoption in India. Over the past eight years, the company has mobilized nearly $2 billion in commercial capital, playing a critical role in India’s clean energy expansion.

Dhanpal Jhaveri, CEO of Eversource Capital, expressed confidence in Ayana’s continued growth under ONGPL’s leadership. He noted that the company’s expertise and investor network have helped build Ayana into one of India’s premier renewable energy platforms.

For the acquisition, Deloitte Touche Tohmatsu India acted as the buy-side transaction advisor, while JSA Advocates and Solicitors provided legal advisory services. On the sellers’ side, Standard Chartered offered transaction advisory services, supported by Khaitan & Co. and Cyril Amarchand Mangaldas as legal advisors. The deal is subject to regulatory approvals and the fulfillment of pre-agreed conditions before final closure.