changeadminONGC 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) to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana) for an enterprise value of Rs 19,500 crores (USD 2.3 billion), making this deal one of the largest acquisitions in the renewable energy sector in India.
Ayana is a leading player in the renewable energy sector with 4.1 GW of operational and under-construction assets and a development pipeline of 1 GW.
In November 2024, NTPC and ONGC formed a joint venture to explore green energy opportunities and develop renewable energy projects through greenfield expansion and acquisition.
In the last few years, both these entities have increased their focus on clean energy opportunities which has led to the creation of their respective green energy subsidiaries – NTPC Green Energy Ltd. and ONGC Green Energy Ltd.
NTPC Green Energy even made its debut on the Indian stock exchanges on November 27 2024. The company aims for a 60-GW renewable energy portfolio by 2032 and is exploring emerging technologies like green hydrogen, green chemicals, and battery storage.
Ayana’s acquisition marks a significant milestone for ONGPL as its first strategic acquisition since its establishment in November 2024, accelerating its expansion into the renewable energy sector and reinforcing its commitment to sustainability.
It aligns with the broader vision of its ultimate Parent Companies (NTPC and ONGC) to achieve their Net Zero targets by 2038 and 2050 respectively.
The SPA to acquire a 100% equity stake was made on 12th February 2025 with the National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc (BII), and Eversource Capital.
As India’s largest domestic infrastructure fund, NIIF played a pivotal role in scaling Ayana into one of the foremost renewable platforms in the country.
Launched by BII in 2018, Ayana secured investment from NIIF and Eversource in 2019, expanding its portfolio across solar, and wind projects and strengthening execution capabilities.
Speaking on the acqustion, Sanjay Mazumdar, CEO, of 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 the 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 connections 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, of 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!”
As India strives towards its commitment to achieve Net-Zero emissions by 2070 and 500 GW of renewable capacity by 2030, the role of companies like NTPC and ONGC will be critical.
NTPC Green was among the few Indian green companies that went public last year. Read more.
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