ONGC-NTPC JV Acquires Ayana Renewable for ₹19,500 Cr in Landmark Green Energy Deal

A joint venture between state-owned entities ONGC Ltd and NTPC Ltd has completed the acquisition of a 100% equity stake in Bengaluru-based Ayana Renewable Power Private Ltd.

The transaction, valued at ₹19,500 crore ($2.3 billion), marks the first major strategic investment by government-owned companies in India’s renewable energy sector.

The announcement was made at the India Energy Week event in New Delhi.

Second-Largest Renewable Energy Acquisition in India

This deal is the second-largest acquisition in India’s renewable energy sector, following Adani Green Energy’s 2021 purchase of SoftBank’s renewable assets in India for ₹26,000 crore.

The acquisition was carried out by ONGC-NTPC Green Energy Ltd (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL).

ONGPL signed a share purchase agreement on February 12, 2025, with National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital.

NGEL, NTPC’s green energy division, was listed on the stock exchanges in September 2024.

Ayana Renewable Power: A Key Player in Green Energy

Ayana Renewable Power, a leading renewable energy company in India, is majority-owned by NIIF. The company holds approximately 4.1 GW of operational and under-construction assets.

Most of Ayana’s portfolio is strategically located in resource-rich states, with high-credit off-takers such as SECI, NTPC, GUVNL, and Indian Railways, among others.

“This transaction marks a significant milestone for ONGPL as its first strategic acquisition since its establishment in November 2024, accelerating its expansion into the renewable energy sector and reinforcing its commitment to sustainability,” the company stated.

The acquisition aligns with the broader vision of ONGC and NTPC to achieve their Net Zero targets by 2038 and 2050, respectively.

The deal is subject to regulatory approvals and the fulfillment of conditions precedent.

Strategic Impact on India’s Green Energy Goals

India has committed to achieving Net Zero emissions by 2070 and setting up 500 GW of renewable capacity by 2030.

The acquisition of Ayana strengthens ONGPL’s position in the clean energy sector and provides the platform with the resources to expand further.

Sanjay Kumar Mazumder, CEO of ONGC Green Limited, commented, “The acquisition of Ayana is a strategic milestone in ONGC Green Ltd and NTPC Green Energy Ltd’s pursuit of a Clean Energy Revolution.

As two of India’s largest Maharatna PSUs, we recognize our responsibility in driving the nation’s green energy ambitions.

This acquisition propels us forward in accelerating India’s transition to a low-carbon economy, leveraging our technical expertise, industry relationships, and financial strength.”

Rajiv Gupta, CEO of NTPC Green Energy, added, “The acquisition of Ayana Renewables by ONGC NTPC Green Private Limited (ONGPL) is a historic deal by two Maharatna PSUs in the clean energy sector.

This underscores our commitment to energy transition goals and leverages our technical expertise and financial strength.

This aligns with NGEL’s mission of achieving 60 GW by FY 32 and becoming one of the leading developers of utility-scale renewable energy projects in India.”

Perspective from NIIF, BII, and Eversource Capital

Vinod Giri, Managing Partner at NIIF, stated, “Ayana’s successful growth journey underscores NIIF’s commitment to investing at scale, highlighting the vast opportunity in India’s sustainable infrastructure sector to deliver both financial returns and meaningful impact.

With Ayana well-positioned for its next phase of growth, this transaction enables us to unlock value while continuing to catalyze global institutional capital into transformative infrastructure opportunities.”

Srini Nagarajan, Managing Director and Head of Asia at BII, said, “BII launched Ayana in 2018 to play a catalytic role in accelerating renewable power adoption in India.

Mobilizing well over $1 billion in capital for the business over the last eight years, BII, along with Eversource Capital and NIIF, has achieved that goal. We are excited for the future of Ayana and the opportunities in India’s drive towards net zero.”

Dhanpal Jhaveri, CEO of Eversource Capital, remarked, “We are proud to have partnered with NIIF and BII in building Ayana into one of India’s leading renewable energy platforms by leveraging our global network of technical and operational expertise.

As Ayana begins a new journey with ONGPL, we are confident it will continue to accelerate India’s transition towards net-zero.”

Advisory and Legal Counsel

For the acquisition, Deloitte Touche Tohmatsu India LLP served as the buy-side transaction advisor, while JSA Advocates and Solicitors provided legal counsel.

Standard Chartered acted as the transaction advisor for the sellers, with legal support from Khaitan & Co and Cyril Amarchand Mangaldas.

The acquisition of Ayana Renewable Power by ONGC and NTPC represents a crucial milestone in India’s renewable energy journey.

The deal underscores the commitment of major state-owned enterprises to advancing clean energy initiatives and aligns with India’s broader sustainability targets.