ONGC-NTPC JV to buy Ayana at $2.3 billion enterprise value

ONGC NTPC Green Pvt. Ltd (ONGPL), a joint venture between ONGC Green Ltd (OGL) and NTPC Green Energy Ltd (NGEL), signed a share purchase deal to buy a 100% stake in Ayana Renewable Power Pvt. Ltd for an enterprise value of Rs19,500 crore ($2.3 billion) from National Investment and Infrastructure Fund (NIIF), British International Investment Plc, and Eversource Capital.

Ayana, a leading renewable energy platform, manages about 4.1 gigawatts (GW) of operational and under-construction assets across resource-rich states, with a portfolio backed by high-credit-rated off-takers like Solar Energy Corp. of India (SECI), National Thermal Power Corp. (NTPC), Gujarat Urja Vikas Nigam Ltd (GUVNL), and Indian Railways.

The acquisition marks ONGPL’s first strategic investment since its inception in November.

The deal supports the net-zero ambitions of its parent companies—ONGC Ltd and NTPC Ltd, targeting 2038 and 2050, respectively.

“As two of India’s largest Maharatna PSUs (public sector units), 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,” Sanjay Kumar Mazumder, chief executive officer at ONGC Green Ltd, said.

“The acquisition underscores our commitment to energy transition goals and leverages our advanced technical and industry experience, along with financial strength. This also aligns with NGEL’s mission of achieving the ambitious target of 60GW by FY 32 and moving forward to become one of the leading developer of utility-scale renewable energy projects,” Rajiv Gupta, chief executive, NTPC Green Energy, said.

ONGPL aims to use Ayana’s capabilities for further expansion.

India aims to achieve net-zero emissions by 2070 and develop 500GW of renewable capacity by 2030. NIIF has been crucial in developing Ayana into a leading renewable energy entity, aligning with India’s clean energy goals.

“Ayana’s success reflects NIIF’s dedication to scaling sustainable infrastructure investments. This transaction unlocks value while attracting global institutional capital into India’s renewable sector. We look forward to seeing Ayana continue its growth trajectory with ONGPL,” Vinod Giri, managing partner, Master Fund at NIIF, said.

Founded by British International Investment in 2018, Ayana expanded its solar, wind, and round-the-clock projects portfolio after 2019 investments from NIIF and Eversource Capital, earning top environmental, social, and governance (ESG) ratings.

“BII launched Ayana in 2018 to catalyze India’s renewable energy sector. Having mobilized over $1 billion in capital alongside NIIF and Eversource, we are proud of Ayana’s achievements and excited for its future under ONGPL’s leadership,” Srini Nagarajan, managing director and head of Asia at BII, said.

“Partnering with NIIF and BII, we have built Ayana into a leading renewable energy platform. As ONGPL takes the helm, we are confident that Ayana will further accelerate India’s clean energy transition,” Dhanpal Jhaveri, chief executive at Eversource Capital, said.

The deal’s closure depends on regulatory approvals and specific conditions.

Deloitte Touche Tohmatsu India LLP and JSA Advocates and Solicitors advised ONGPL, while Standard Chartered, Khaitan & Co, and Cyril Amarchand Mangaldas advised the sellers.