ONGC NTPC Green (ONGPL) signed an agreement on Wednesday to buy Ayana Renewable Power from National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital at an enterprise value of Rs 19,500 crore, or $ 2.3 billion. This is the second-largest acquisition in the renewable energy space in the country, after Adani Green Energy’s (AGEL) acquisition of SB Energy India for $3.5 billion in October 2021.

Ayana, majority owned by NIIF, has 4.1 GW operational and under-construction assets. A majority of Ayana’s portfolio is  located in resource-rich states and is contracted with off-takers such as SECI, NTPC, GUVNL, Indian Railways, among others, said ONGPL, a 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy (NGEL). ONGPL signed a share purchase agreement (SPA) on Wednesday to acquire 100% equity stake in the company.

This is the first acquisition for ONGPL since its formation in November 2024. “It aligns with the broader vision of its ultimate Parent Companies (ONGC and NTPC) to achieve their Net Zero targets by 2038 and 2050 respectively. ONGPL shall now provide impetus to Ayana platform for further scale,” ONGPL said . India has a commitment to achieve Net-Zero emissions by 2070 and 500 GW of renewable capacity by 2030.

Launched by the British International Investment in 2018, Ayana secured investment from NIIF and Eversource in 2019, expanding its portfolio across solar, wind and RTC projects. Sanjay Kumar Mazumder, CEO, ONGC Green said, “The acquisition of Ayana is a strategic milestone in ONGC Green and NTPC Green Energy’s pursuit of clean energy revolution.  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, said, “This also aligns with NGEL’s mission of achieving the ambitious target of 60 GW by FY32 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.”