ONGC NTPC Green Private Limited (ONGPL) has taken a significant step towards expanding its renewable energy portfolio with the acquisition of Ayana Renewable Power for INR 195 billion ($2.3 billion). This strategic deal, marking ONGPL’s first acquisition, aligns with India’s ambitious renewable energy goals, including achieving 500 GW of renewable capacity by 2030 and net-zero emissions by 2070.
The acquisition includes Ayana’s robust portfolio of 4.1 GW of operational and under-construction assets, with an additional 1 GW in the pipeline. These assets are contracted with high-credit-rated off-takers like SECI, NTPC, GUVNL, and Indian Railways, reinforcing ONGPL’s long-term energy strategy. The transaction, finalized through a Share Purchase Agreement (SPA), involves investments from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.
This move not only accelerates ONGPL’s renewable energy footprint but also supports the broader clean energy ambitions of its parent companies—ONGC and NTPC. ONGC aims for net-zero emissions by 2038, while NTPC targets 2050. The acquisition contributes to India’s goal of establishing 500 GW of renewable capacity by 2030, positioning ONGPL as a leader in the country’s low-carbon transition.
Ayana, a leading player in the renewable energy sector, has built a strong portfolio across solar, wind, and round-the-clock (RTC) projects, earning top ESG rankings globally. The deal marks a major milestone for ONGPL as it scales its renewable energy capacity and strengthens its commitment to India’s clean energy future.
The deal is still subject to regulatory approvals, but once finalized, ONGPL will further solidify its role in India’s journey toward a sustainable and low-carbon energy landscape.
