ONGC NTPC Green (ONGPL) has signed a share purchase agreement (SPA) to acquire Ayana Renewable Power in a deal valued at INR195bn ($2.3bn).
The sellers of Ayana Renewable are National Investment and Infrastructure Fund (NIIF), British International Investment (BII) and its subsidiaries, and Eversource Capital.
ONGPL is a 50-50 joint venture (JV) between ONGC Green (OGL) and NTPC Green Energy (NGEL).
Established by BII in 2018, Ayana Renewable is a renewable energy platform with a portfolio of about 4.1GW of operational and under-construction assets across key resource-rich states in India.
Ayana Renewable later secured investments from NIIF and Eversource Capital in 2019. The company has gone on to expand its portfolio to include solar, wind, and round-the-clock (RTC) projects.
Its projects are backed by high-credit-rated off-takers, including the Solar Energy Corporation of India (SECI), NTPC, Gujarat Urja Vikas Nigam (GUVNL), and Indian Railways.
BII managing director and Asia head Srini Nagarajan said: “BII launched Ayana in 2018 to catalyse India’s renewable energy sector.
“Having mobilised over $1bn in capital alongside NIIF and Eversource, we are proud of Ayana’s achievements and excited for its future under ONGPL’s leadership.”
Through the acquisition, ONGPL plans to leverage the clean energy platform’s existing infrastructure to scale its renewable energy footprint.
The deal marks ONGPL’s first major investment since its establishment in November 2024. The move aligns with the net-zero ambitions of its parent companies ONGC and NTPC, which aim to achieve carbon neutrality by 2038 and 2050, respectively.
ONGC Green CEO Sanjay Kumar Mazumder said: “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 recognise 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.”
The transaction remains subject to regulatory approvals and fulfilment of conditions precedent.
In a separate announcement, ONGC signed a non-binding memorandum of understanding (MoU) with Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power, to explore joint opportunities in the battery energy storage system (BESS) value chain.
The collaboration will focus on various applications in the BESS sector.
