ONGC and NTPC set to make history with massive Ayana Renewable Power acquisition

ONGC NTPC Green Private Limited (ONGPL) has taken a significant step in India’s renewable energy landscape by acquiring Ayana Renewable Power Private Limited for ₹195 billion ($2.3 billion). The share purchase agreement, signed on 12 February 2025, marks ONGPL’s first major investment since its inception in November 2024 and strengthens its position in the renewable energy sector.

The deal sees ONGPL—a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL)—taking full ownership of Ayana from National Investment and Infrastructure Fund (NIIF), British International Investment (BII), and Eversource Capital. The acquisition is expected to fast-track ONGPL’s clean energy ambitions while supporting India’s broader goal of achieving 500 GW of renewable energy capacity by 2030 and net-zero emissions by 2070.

With 4.1 GW of operational and under-construction assets, Ayana Renewable Power adds significant value to ONGPL’s renewable portfolio. The company’s assets are strategically located in resource-rich states and backed by high-credit-rated off-takers such as Solar Energy Corporation of India (SECI), NTPC, Gujarat Urja Vikas Nigam Limited (GUVNL), and Indian Railways.

Why Did ONGPL Acquire Ayana Renewable Power?

ONGPL’s acquisition aligns with its long-term strategy of expanding renewable energy capacity through both greenfield and brownfield acquisitions. As India’s energy sector undergoes rapid transformation, this investment enhances ONGPL’s ability to develop solar, wind, and round-the-clock (RTC) energy projects.

ONGC and NTPC, the parent companies of ONGPL, have committed to net-zero targets by 2038 and 2050, respectively. This acquisition brings ONGPL closer to achieving its clean energy targets, leveraging Ayana’s established presence and industry expertise.

According to Sanjay Kumar Mazumder, CEO of ONGC Green Limited, this acquisition is a strategic milestone for both ONGC and NTPC. He emphasized that, as Maharatna public sector undertakings (PSUs), the companies bear a responsibility in leading India’s clean energy transition. By integrating Ayana’s technical expertise, industry relationships, and financial strength, ONGPL aims to accelerate its expansion in the renewable energy sector.

How Does This Deal Impact India’s Clean Energy Goals?

India’s renewable energy sector is undergoing rapid growth, driven by government policies, private investments, and international funding. The country has pledged to achieve 500 GW of non-fossil fuel energy capacity by 2030, a goal that requires large-scale investments in solar, wind, and hybrid energy projects.

NIIF, a key player in India’s sustainable infrastructure investments, played a crucial role in developing Ayana Renewable Power Private Limited into one of the nation’s leading renewable energy platforms. Established by BII in 2018, Ayana attracted significant funding from NIIF and Eversource Capital, allowing it to expand across solar and wind energy projects while maintaining high ESG (environmental, social, and governance) ratings.

Vinod Giri, Managing Partner of Master Fund at NIIF, highlighted that Ayana’s success underscores NIIF’s commitment to scaling sustainable infrastructure investments. He added that the transaction would unlock value and attract global capital into India’s renewable energy sector.

What Are Industry Leaders Saying About the Acquisition?

The acquisition has been widely acknowledged as a landmark transaction in India’s clean energy sector.

Rajiv Gupta, CEO of NTPC Green Energy, described it as one of the biggest clean energy deals by two of India’s largest state-owned enterprises. He noted that ONGPL is now in a stronger position to achieve 60 GW of renewable capacity by FY32 while reinforcing India’s role as a leader in utility-scale renewable energy projects.

Srini Nagarajan, Managing Director and Head of Asia at BII, emphasized that Ayana was established to catalyze India’s renewable energy transition. He expressed confidence in ONGPL’s ability to expand Ayana’s growth trajectory, building on the $1 billion investment mobilized by BII, NIIF, and Eversource Capital.

Dhanpal Jhaveri, CEO of Eversource Capital, reiterated that Ayana’s strong foundation in the renewable sector makes it a valuable asset for ONGPL. He noted that, under ONGPL’s leadership, Ayana will continue to drive India’s clean energy ambitions forward.

What Are the Next Steps for ONGPL and Ayana Renewable Power Private Limited?

While the acquisition is expected to bolster ONGPL’s renewable energy expansion, it remains subject to regulatory approvals and conditions precedent. Upon completion, ONGPL will integrate Ayana’s assets into its broader clean energy strategy, leveraging its existing financial and technical capabilities to scale up operations.

As India pushes toward decarbonization, ONGPL’s expanded renewable portfolio will play a critical role in helping the country reduce its carbon footprint, meet international climate commitments, and attract further global investments in green energy.

Who Advised on the Transaction?

For this acquisition, Deloitte Touche Tohmatsu India LLP acted as ONGPL’s transaction advisor, while JSA Advocates and Solicitors provided legal counsel. On the seller’s side, Standard Chartered advised on the transaction, with Khaitan & Co and Cyril Amarchand Mangaldas serving as legal advisors.

What Is ONGPL’s Role in India’s Renewable Energy Future?

ONGC NTPC Green Private Limited (ONGPL) was established as a dedicated renewable energy subsidiary to drive India’s transition to clean energy. As a joint venture between ONGC Green Limited and NTPC Green Energy Limited, ONGPL focuses on scaling renewable projects, developing sustainable infrastructure, and supporting India’s climate action goals.

With the addition of Ayana Renewable Power’s 4.1 GW portfolio, ONGPL has significantly expanded its clean energy footprint, making it a major player in India’s renewable energy sector. The acquisition positions ONGPL to further invest in large-scale solar and wind projects, strengthening its role in the country’s sustainable energy development.

A Landmark Clean Energy Deal for India

ONGPL’s acquisition of Ayana Renewable Power marks a turning point in India’s renewable energy transformation. With a ₹195 billion investment, ONGPL is now poised to accelerate its clean energy goals, expand its renewable portfolio, and contribute to India’s net-zero ambitions.

As the country moves toward 500 GW of renewable capacity by 2030, this deal signals a strong commitment from India’s energy giants to build a sustainable and resilient clean energy infrastructure.