ONGPL Acquires 100% Stake in Ayana Renewable Power for $2.3 Billion to Boost Renewable Energy Portfolio

ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has entered into a Share Purchase Agreement (SPA) 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 agreement will see ONGPL 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 prominent player in the renewable energy sector, boasts approximately 4.1 GW of operational and under-construction assets, along with a development pipeline of around 1 GW. The majority of Ayana’s portfolio is located in resource-rich states and contracted with high-credit rated off-takers, including SECI, NTPC, GUVNL, and Indian Railways.

This acquisition represents a significant milestone for ONGPL, marking its first strategic acquisition since its inception in November 2024. It accelerates ONGPL’s growth in the renewable energy sector and underscores its commitment to sustainability. This move supports the broader goals of its parent companies, ONGC and NTPC, as they work towards their Net Zero targets by 2038 and 2050, respectively.

India has committed to achieving Net Zero emissions by 2070 and to reaching 500 GW of renewable energy capacity by 2030.

NIIF, as India’s largest domestic infrastructure fund, has played a crucial role in scaling Ayana into one of the leading renewable energy platforms in the country, aligned with the Government of India’s push for clean energy and a resilient energy future. Since its launch in 2018, Ayana secured investment from NIIF and Eversource in 2019, expanding its portfolio in solar, wind, and RTC projects, while enhancing its execution capabilities. The company also earned a best-in-class ESG rating, ranking first in Asia and among the top three globally in the renewable energy sector (source: ISS ESG).

A further funding round in March 2021 saw NIIF and BII commit additional capital to Ayana.

The completion of the transaction is subject to the satisfaction of conditions precedent and 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!”