ONGC-NTPC JV to Acquire Ayana Renewable Power for $2.3 Billion

The joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL) will acquire a 100% equity stake in Indian renewable energy platform Ayana Renewable Power in a transaction valued at INR 195 billion ($2.3 billion).  

This happens to be the maiden strategic investment of ONGC NTPC Green Private Limited (ONGPL),launched in November 2024. The parent companies of its owners, Oil and Natural Gas Corporation Limited (ONGC) and NTPC Limited, are owned by the Government of India.   

ONGPL will acquire independent power producer Ayana from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital. It was launched by BII in 2018 which later mobilized over $1 billion in capital alongside NIIF and Eversource, shared BII Managing Director and Head of Asia, Srini Nagarajan. 

At present, Ayana has 4.1 GW operational and under-construction assets across solar, wind and round-the-clock (RTC) projects across various states in India. This portfolio is backed by high-credit-rated off-takers, including SECI, NTPC, GUVNL, and Indian Railways. It targets to add 2 GW of renewable power annually.

ONGC aims to achieve the net-zero target by 2038 and NTPC by 2050 to contribute to the country’s net-zero emissions target by 2070 and 500 GW of renewable energy capacity by 2030.

ONGPL says it will leverage Ayana’s platform for further expansion and growth in the renewable energy space. The transaction close is subject to regulatory approvals.

“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,” said NTPC Green Energy CEO Rajiv Gupta.