ONGPL signs agreement to acquire 100% stake in Ayana Renewable Power for ₹195 bn ($2.3 bn)

ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), signed a Share Purchase Agreement (SPA) on 12th February 2025 to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana). The agreement was signed with National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc (BII), and Eversource Capital. The enterprise value of the transaction is INR 195 billion (USD 2.3 billion).

Ayana operates in the renewable energy sector, with approximately 4.1 GW of operational and under-construction assets and an additional development pipeline of around 1 GW. The company’s projects are located across various states and have power purchase agreements with entities such as SECI, NTPC, GUVNL, and Indian Railways.

The acquisition represents ONGPL’s first since its establishment in November 2024 and is intended to support its expansion in the renewable energy sector. The transaction aligns with the broader strategies of ONGC and NTPC, which have set Net Zero targets for 2038 and 2050, respectively.

India has set goals to achieve Net-Zero emissions by 2070 and develop 500 GW of renewable energy capacity by 2030. NIIF has been involved in Ayana’s growth since 2019, providing investment alongside BII and Eversource Capital. Ayana’s portfolio includes solar, wind, and RTC projects.

For the acquisition, Deloitte Touche Tohmatsu India acted as the transaction advisor for ONGPL, while JSA Advocates and Solicitors provided legal advisory services. Standard Chartered acted as the transaction advisor for the sellers, with Khaitan & Co and Cyril Amarchand Mangaldas serving as legal advisors.

Sanjay Kumar Mazumder, CEO, ONGC Green Limited, stated “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. This acquisition propels us forward in accelerating India’s transition to a low-carbon economy, leveraging our technical expertise, industry relationships, and financial strength.”

Rajiv Gupta, CEO, NTPC Green Energy, commented “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!”

Vinod Giri, Managing Partner, Master Fund, NIIF, remarked “Ayana’s success reflects NIIF’s dedication to scaling sustainable infrastructure investments. This transaction unlocks value while attracting global institutional capital into India’s renewable sector. We look forward to seeing Ayana continue its growth trajectory with ONGPL.”

Srini Nagarajan, Managing Director and Head of Asia, BII, added “BII launched Ayana in 2018 to catalyze India’s renewable energy sector. Having mobilized over $1 billion in capital alongside NIIF and Eversource, we are proud of Ayana’s achievements and excited for its future under ONGPL’s leadership.”

Dhanpal Jhaveri, CEO, Eversource Capital, stated “Partnering with NIIF and BII, we have built Ayana into a leading renewable energy platform. As ONGPL takes the helm, we are confident that Ayana will further accelerate India’s clean energy transition.”

Also read: Adani Green Energy surpasses 10 GW renewable energy operational portfolio