ONGC-NTPC green JV acquires Ayana in $2.3 billion deal

NEW DELHI: ONGC-NTPC Green Pvt Ltd, an equal joint venture between ONGC Green Ltd and NTPC Green Energy Ltd, on Wednesday signed a share purchase agreement (SPA) to acquire Ayana Renewable Power Pvt Ltd at an enterprise value of $2.3 billion.
This is the second-largest acquisition in the renewable space after the Adani Green Energy Ltd’s acquisition of SB Energy from SoftBank Group and Bharti Group for $3.5 billion all-cash in 2021.
The signing of the SPA marks the exit of Ayana’s institutional backers National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and Eversource Capital.
Ayana’s portfolio consists of over 4 gigawatts of operational and under-construction projects spread across resource-rich states that are backed by offtakers such as Central renewable energy aggregator SECI, public sector power producer NTPC, Gujarat Urja Vikas Nigam Ltd and Indian Railways.
This is ONGC-NTPC Green’s first strategic investment since its inception in November 2024 and underlines the joint venture’s commitment to accelerating energy transition. NGEL, the green energy arm of NTPC, was listed in September last year.
The deal has its genesis in the net-zero vision of its parents — ONGC and NTPC — with a deadline of 2038 and 2050, respectively. ONGC-NTPC Green aim to leverage Ayana’s platform for further expansion and growth in renewable space.
NIIF has played a pivotal role in scaling up Ayana as one of India’s premier renewable energy platforms, supporting the government’s vision for clean energy transition.
Established by BII in 2018, Ayana attracted investments from NIIF and Eversource Capital in 2019, expanding its portfolio across solar, wind, and round-the-clock (RTC) projects while achieving best-in-class ESG ratings, the companies said in a statement.