Ayana Renewable acquired by ONGC NTPC Green for $2.3 billion

ONGC NTPC Green Private Limited (ONGPL) a joint venture of ONGC Green Limited and NTPC Green Energy Limited, agreed to buy a full stake in Ayana Renewable for INR 195 billion 2.3 billion dollars. Ayana, mainly owned by National Investment and Infrastructure Fund Limited (NIIF) had about 4.1 GW of renewable energy projects including both operational and under-construction assets. Most of its projects were in resource-rich states and had contracts with SECI, NTPC, GUVNL, and Indian Railways. This was the ONGPL’s first acquisition since its formation in November 2024, aligning with ONGC and NTPC’s net-zero targets for 2038 and 2050. India aimed to reach net-zero emissions by 2070 and 500 GW of renewable energy by 2030. Ayana expanded into solar, wind, and RTC projects in 2019 after receiving investments from NIIF and Eversource. The deal awaited regulatory approval. Deloitte advised ONGPL, while Standard Chartered, Khaitan & Co, and Cyril Amarchand Mangaldas advised the sellers.