In a significant move towards India's renewable energy expansion, NTPC Green Energy Limited (NGEL) and ONGC Green Limited (ONGPL) have jointly acquired Ayana Renewable Power Private Limited (Ayana) for a total cash consideration of ₹6,248.50 crore. This acquisition strengthens NTPC Green Energy's commitment to achieving 60 GW of renewable energy capacity by 2032 and further enhances ONGC Green Limited’s footprint in India's clean energy sector.

Ayana Renewable Power: An Overview

Founded on March 1, 2017, by British International Investment (BII), Ayana Renewable Power has established itself as a major player in India's renewable energy sector, focusing on solar, wind, and hybrid energy projects. It is backed by prominent sovereign-linked institutional investors, including:

• National Investment and Infrastructure Fund (NIIF) - 51%

• British International Investment (BII) - 32%

• Green Growth Equity Fund (GGEF) - 17%

In FY 2024, Ayana recorded a turnover of ₹856.4 crore, marking steady growth from ₹822.8 crore in FY 2023 and ₹489.2 crore in FY 2022.

Details of the Acquisition

The acquisition of Ayana was executed through ONGPL, a 50:50 joint venture between NGEL and ONGC Green Limited. The total transaction value stood at ₹6,248.50 crore, with NGEL’s contribution amounting to ₹3124.25 crore as equity funding.

Key Approvals and Completion Timeline

• Competition Commission of India (CCI) approval was obtained on March 11, 2025.

• The acquisition was successfully completed on March 27, 2025.

Significance of the Acquisition

With this strategic move, NTPC Green Energy Limited and ONGC Green Limited are set to bolster their presence in India's fast-growing renewable energy sector. Ayana’s portfolio includes 4,112 MW of capacity, comprising:

• 2,123 MW operational assets

• 1,989 MW under-construction projects

Strategic Benefits for NTPC Green Energy and ONGC Green Limited

This acquisition aligns with NTPC's broader strategy to shift towards sustainable energy solutions. It will facilitate NTPC Green Energy in achieving its 60 GW renewable capacity target by 2032. Additionally, ONGC Green Limited strengthens its position in the clean energy market as part of its long-term energy diversification plans.

Ayana’s Strong Off-Taker Portfolio

Ayana’s energy projects cater to high-credit-rated off-takers, ensuring stable revenue generation. Some key off-takers include:

• Solar Energy Corporation of India (SECI)

• NTPC Limited

• Gujarat Urja Vikas Nigam Limited (GUVNL)

• Indian Railways

Funding and Financial Structure

The entire deal was executed as a cash transaction, making Ayana a wholly owned subsidiary of ONGPL. The acquisition price was determined at ₹23.22 per share.

Future Roadmap

This acquisition positions NTPC Green Energy Limited and ONGC Green Limited at the forefront of India’s renewable energy transformation. With India's ambitious renewable energy targets, the integration of Ayana’s assets will significantly contribute to the country’s green energy expansion.

As the Indian renewable energy sector continues to attract significant investments, this deal underscores the confidence in India’s clean energy future.

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