ONGC-NTPC Green to acquire Ayana Renewables for ₹19,500 crore

ONGC-NTPC Green (ONGPL) said on Wednesday that it will acquire Ayana Renewable Power (Ayana) for an enterprise value of ₹19,500 crore, or roughly $2.3 billion.

ONGPL, an equal joint venture of ONGC Green (OGL) and NTPC Green Energy (NGEL), signed the Share Purchase Agreement (SPA) to acquire Ayana with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries (BII), etc.

Ayana has around 4.1 gigawatts (GW) of operational and under-construction assets.

This transaction 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 (ONGC and NTPC) to achieve their Net Zero targets by 2038 and 2050 respectively. ONGPL shall now provide impetus to Ayana platform for further scale.

Launched by BII in 2018, Ayana secured investment from NIIF in 2019, expanding its portfolio across solar, wind and RTC projects, and strengthening execution capabilities.

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It also achieved a best-in-class ESG rating, ranking 1st in Asia and among the top three companies globally in the renewable energy sector (source ISS ESG).

The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals.

Sanjay Kumar Mazumder, CEO of OGL, said: “Ayana’s acquisition is a strategic milestone in OGL and NGEL’s pursuit of a clean energy revolution. 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 of NGEL, said it aligns with NGEL’s mission of achieving the ambitious target of 60 GW by FY32 and moving forward to become one of the leading developer of utility-scale renewable energy projects in the country.

Vinod Giri, Managing Partner, Master Fund, NIIF, said: “With Ayana well-positioned for its next phase of growth, this transaction enables us to unlock value while continuing to catalyse global institutional capital into transformative infrastructure opportunities.”

Srini Nagarajan, Managing Director and Head of Asia, BII, said: “BII launched Ayana in 2018 to play a catalytic role in accelerating the adoption of renewable power in India. I am excited for the future of Ayana and the wide range of opportunities in the market for BII to support India’s drive towards net zero.”

For the acquisition transaction, Deloitte Touche Tohmatsu India LLP acted as end-to-end buy-side transaction advisor along with JSA Advocates and Solicitors as legal advisor. On the Sellers’ side, Standard Chartered provided transaction advisory services along with Khaitan & Co and Cyril Amarchand Mangaldas as legal advisors.