ONGC NTPC Green Pvt Ltd has completed the Rs 62.5 billion acquisition of Ayana Renewable Power, securing a 100% equity stake. The 50:50 joint venture between crore, representing its 50% share of the total acquisition cost. NTPC Green Energy Ltd and ONGC Green Ltd finalized the deal. Ayana, a key player in India’s green energy sector, has a 4,112 MW portfolio.
ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has completed the acquisition of a 100% equity stake in Ayana Renewable Power Private Limited (Ayana) for a cash consideration of ₹6,248.50 crore. The transaction was finalized on March 27, 2025, with NGEL contributing ₹3,124.25
Ayana is a prominent player in India’s renewable energy sector, boasting a portfolio of approximately 4,112 megawatts (MW), comprising 2,123 MW of operational capacity and 1,989 MW under construction. These assets are strategically located across resource-rich states and are contracted as the Solar Energy Corporation of India (SECI), NTPC, Gujarat.
The acquisition aligns with ONGC’s and NTPC’s ambitious renewable energy goals. ONGC aims to build a renewable energy portfolio of 10 gigawatts (GW) by 2030, while NTPC targets 60 GW of renewable capacity by 2032. This strategic move is expected to accelerate ONGC’s and NTPC’s expansion sector and reinforce their commitment to sustainability.
The acquisition process began with the signing of a Share Purchase Agreement It aligns with India’s broader TO mission to (SPA) on February 12, 2025, between ONGPL and Ayana’s shareholders, including the National Investment and This acquisition. GW renewable energy portfolio.
Infrastructure Fund (NIIF), British International Investment Plc (BII), and with high- into the renewable energy credit-rated off-takers such Eversource Capital. The Asia and among the top three agreement valued Ayana at an enterprise value of ₹19,500 crore (USD 2.3 billion).
Ayana was established by BII in 2018 and subsequently attracted investments from NIIF and Eversource Capital in 2019. Over the years, Ayana expanded its portfolio across solar, wind, and round-the-clock (RTC) projects, achieving a best-in-class Environmental, Social, and Governance (ESG) companies globally in the renewable energy sector, according to ISS ESG.
The completion of this acquisition is a significant milestone for ONGPL, marking its first strategic investment since its establishment in November 2024. It underscores the joint venture’s commitment to India’s transition to a low-carbon was completed on March 27, 2025, with economy and aligns with the broader vision of its parent companies to achieve net-zero targets by 2038 (ONGC) and 2050 (NTPC).
India has set ambitious goals to achieve net-zero emissions by 2070 and to develop 500 GW of renewable energy capacity by 2030. The acquisition of Ayana by supports ONGC’s goal of developing a 10 ONGPL is a significant step towards realizing these national objectives, demonstrating the commitment of major public sector undertakings to invest in and develop the country’s renewable energy infrastructure.
ONGC NTPC Green Private Limited (ONGPL), a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has acquired a 100% stake in Ayana Renewable Power Private Limited for ₹6,248.50 crore (₹62.5 billion). The by 2030 and NTPC’s target 2030 acquisition NGEL contributing ₹3,124.25 crore as its share of the purchase.
Ayana, a key player in India’s renewable energy sector, has a portfolio of 4,112 reach net-zero MW, including 2,123 MW of operational capacity and 1,989 MW under development. Its by 2070 and develop 500 GW of renewable energy by projects are backed by power purchase agreements with reputed entities such as SECI, NTPC, and GUVNL.
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