In a significant development in India's renewable energy sector, ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) to acquire 100% equity stake in Ayana Renewable Power Private Limited.

The agreement was signed on February 12, 2025, with National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), CDC India Opportunities Limited, and Eversource Capital-managed Green Growth Equity Fund (GGEF). This acquisition positions ONGC NTPC Green as a major player in India's renewable energy landscape.

About Ayana Renewable Power

Ayana Renewable Power is one of India’s leading renewable energy platforms, boasting an impressive 4.1 GW portfolio of operational and under-construction assets. The company has been instrumental in driving India’s green energy transition, aligning with the government's ambitious renewable energy targets. The acquisition deal values Ayana at approximately ₹19,500 crore (USD 2.3 billion), making it one of the most notable transactions in India's clean energy sector.

Significance of the Acquisition

The acquisition of Ayana Renewable Power strengthens ONGC NTPC Green’s portfolio, giving it direct access to a diversified mix of renewable assets across India. It also reinforces the company's commitment to sustainable energy growth and supports India's vision of achieving net-zero carbon emissions by 2070.

This transaction highlights India’s increasing foreign investment in renewable energy and the continued expansion of public-private partnerships in the sector. As a part of its growth strategy, NTPC Green Energy Limited has been actively expanding its renewable energy footprint, and this acquisition aligns with its objective of increasing its green energy capacity.

Regulatory and Legal Aspects

While the Share Purchase Agreement has been signed, the transaction remains subject to regulatory approvals and fulfillment of pre-agreed conditions as outlined in the contract. The completion of the deal is expected to take place in the coming months, subject to compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and other legal requirements.

This acquisition is expected to bring significant value creation for stakeholders, including ONGC, NTPC, and the broader renewable energy industry. Investors and analysts will be closely watching the impact of this deal on India’s renewable energy market, which continues to witness strong growth and international interest.

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