ONGC NTPC Green Private Limited, a 50:50 joint venture between ONGC Green Limited and NTPC Green Energy Limited, has signed a Share Purchase Agreement on 12th February 2025 with National Investment and Infrastructure Fund, British International Investment Plc and its subsidiaries and Eversource Capital to acquire a 100% equity stake in Ayana Renewable Power Private Limited for an enterprise value of INR 195 billion.
Ayana, a leading player in the renewable energy sector, majority owned by NIIF, has c. 4.1 GW operational and under-construction assets. A majority of Ayana’s portfolio is strategically located in resource rich states and is contracted with high credit rated off-takers such as SECI, NTPC, GUVNL, 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. It aligns with the broader vision of its ultimate Parent Companies to achieve their Net Zero targets by 2038 and 2050 respectively. ONGPL shall now provide impetus to Ayana platform for further scale.
India has a commitment to achieve Net-Zero emissions by 2070 and 500 GW of renewable capacity by 2030.
As India’s largest domestic infrastructure fund, NIIF played a pivotal role in scaling Ayana into one of the foremost renewable platforms in the country, in line with the Government of India’s vision to accelerate India’s transition to clean energy and drive a resilient energy future. Launched by BII in 2018, Ayana secured investment from NIIF and Eversource in 2019, expanding its portfolio across solar, wind and RTC projects, and strengthening execution capabilities. It also achieved a best-in-class ESG rating, ranking 1st in Asia and among the top three companies globally in the renewable energy sector.
The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals.
Sanjay Kumar Mazumder, CEO, ONGC Green Limited, stated: “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, NTPC Green Energy, commented: “The acquisition of Ayana Renewables platform by ONGC NTPC Green Private Limited is one of the historic deals by the two Maharatna behemoth in the clean energy sector. This underscores our commitment to energy transition goals and leverages our advanced technical and industry experience alongwith financial strength. This also aligns with NGEL’s mission of achieving the ambitious target of 60 GW by FY 32 and moving forward to become one of the leading developer of utility-scale renewable energy projects in the country, thereby meeting the expectation of our shareholders at each and every step. By joining hands we will create a cleaner and strengthened vision for Vikasit Bharat!”
Vinod Giri, Managing Partner, Master Fund, NIIF, said: “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 catalyse global institutional capital into transformative infrastructure opportunities. We look forward to seeing Ayana continue its momentum, building on the strong foundation we have established to further accelerate India’s clean energy transition.”
Srini Nagarajan, Managing Director and Head of Asia, BII, said: “BII launched Ayana in 2018 to play a catalytic role in accelerating the adoption of renewable power in India. In mobilising well over $1 billion in capital for the business over the last eight years, BII along with Eversource Capital and NIIF have achieved that goal. I am excited for the future of Ayana and the wide range of opportunities in the market for BII to support India’s drive towards net zero.”
Dhanpal Jhaveri, CEO, Eversource Capital, said “We are excited 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 and long-term climate focussed investors. We are confident that as it begins a new journey with ONGPL, Ayana will continue to accelerate India’s transition towards net-zero.”
For the acquisition transaction, Deloitte Touche Tohmatsu India LLP acted as end-to-end buy-side transaction advisor along with JSA Advocates and Solicitors as legal advisor. On the Sellers’ side, Standard Chartered provided transaction advisory services along with Khaitan & Co and Cyril Amarchand Mangaldas as legal advisors.