In a landmark move towards renewable energy expansion, Oil and Natural Gas Corporation Limited (ONGC) has announced the acquisition of Ayana Renewable Power Private Limited, a 4.1 GW renewable energy platform. The acquisition is valued at INR 195 billion (USD 2.3 billion) and marks a significant milestone in ONGC’s commitment to achieving net-zero (Scope 1 & 2) by 2038.

ONGC's Strategic Renewable Energy Expansion

ONGC has been actively investing in the renewable energy sector to align with India’s green energy goals. To consolidate these efforts, the company incorporated ONGC Green Limited (OGL), a wholly owned subsidiary. Further, OGL partnered with NTPC Green Energy Limited (NGEL) to form a 50:50 joint venture, ONGC NTPC Green Private Limited (ONGPL), to explore and develop renewable energy assets.

The acquisition of Ayana Renewable Power aligns with ONGC’s green energy ambitions, as Ayana is a key player in India's renewable energy sector with a 4.1 GW portfolio comprising operational and under-construction assets.

Details of the Acquisition

On February 12, 2025, ONGPL signed a Share Purchase Agreement (SPA) with the National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc, CDC India Opportunities Limited, and Eversource Capital-managed Green Growth Equity Fund (GGEF) for the acquisition of 100% equity stake in Ayana Renewable Power.

This transaction is subject to regulatory approvals and conditions precedent, as outlined in the Share Purchase Agreement. Upon completion, the acquisition will significantly enhance ONGC’s renewable energy footprint and strengthen its position as a leader in India’s green energy transition.

Impact on ONGC’s Green Goals

With this acquisition, ONGC takes a major step towards its goal of achieving net-zero emissions by 2038. The company has been focusing on renewable energy projects, including:

• Solar and wind energy projects
• Hydrogen and energy storage solutions
• Decarbonization of existing operations

The integration of Ayana Renewable Power’s 4.1 GW portfolio will bolster ONGC’s capacity in green energy and help accelerate India’s renewable energy transition.

Regulatory Approvals and Future Roadmap

The deal is expected to be completed once the necessary approvals under applicable laws are secured. ONGC has been steadily scaling up its green energy investments, and this acquisition is seen as a game-changing move to position the company at the forefront of India’s clean energy revolution.

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