ONGC-NTPC JV Secures $2.3 Billion Deal to Acquire Ayana Renewable Power in Major Green Energy Move

ONGC-NTPC Green Energy (ONGPL) has acquired a 100% stake in Ayana Renewable Power for $2.3 billion, marking a major step in India’s clean energy transition. The deal, the second-largest in the sector, aligns with ONGC and NTPC’s net-zero goals for 2038 and 2050. Ayana’s 4 GW renewable energy portfolio will help both companies expand their green energy capacity.

ONGC-NTPC JV Secures $2.3 Billion Deal to Acquire Ayana Renewable Power in Major Green Energy Move

In one of the largest renewable energy deals in India, ONGC-NTPC Green Energy (ONGPL) has secured a $2.3 billion agreement to acquire a 100% stake in Ayana Renewable Power. This acquisition, which is second only to Adani Group’s $3.5 billion purchase of SB Energy India in 2021, is set to help ONGC-NTPC meet their respective emission reduction goals. ONGC plans to build a 10 GW renewable energy portfolio by 2030, while NTPC targets 60 GW by 2032.

The deal, signed at the India Energy Week, aligns with the companies’ broader net-zero ambitions, with ONGC aiming for net-zero by 2038 and NTPC by 2050. Ayana, which has 4.1 GW of operational and under-construction assets, specializes in solar, wind, hybrid, and round-the-clock power projects. The company’s portfolio is supported by key off-takers like Solar Energy Corporation of India (SECI) and NTPC.

ONGC partnered with NTPC to reduce risks, given ONGC’s limited experience in the renewable energy sector. The acquisition strengthens ONGC and NTPC’s positions in the green energy space, contributing to India’s goal of achieving 500 GW of renewable energy capacity by 2030.

ONGC-NTPC joint venture, ONGC-NTPC Green Energy Ltd (ONGPL), has acquired a 100% equity stake in Ayana Renewable Power for ₹19,500 crore ($2.3 billion). This marks the first strategic investment by government-owned companies in India’s renewable energy sector. The announcement was made during the India Energy Week in New Delhi. The deal is the second-largest in the country’s clean energy sector, after Adani Green Energy’s ₹26,000 crore acquisition of SoftBank’s renewable assets in 2021.

This acquisition involves ONGPL purchasing shares from National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital. Ayana, which has 4 GW of operational and under-construction assets, was founded by BII in 2018 and later attracted investments from NIIF and Eversource Capital.

The deal aligns with Oil and Natural Gas Corporation and NTPC’s net-zero goals, with ONGC targeting net-zero by 2038 and NTPC by 2050. ONGPL plans to use Ayana’s platform to accelerate growth in the renewable energy sector, aiming for NTPC’s target of 60 GW by FY32. Ayana’s portfolio includes a mix of solar, wind, hybrid, and round-the-clock power projects, contributing to India’s green energy transition.

ONGC-NTPC joint venture, Oil and Natural Gas Corporation NTPC Green Energy Ltd (ONGPL), has acquired a 100% stake in Ayana Renewable Power for ₹19,500 crore ($2.3 billion). This marks the first strategic investment by government-owned companies in India’s renewable energy sector and was announced during the India Energy Week in New Delhi. The deal is the second-largest renewable energy acquisition in the country, following Adani Green Energy’s ₹26,000 crore purchase of SoftBank’s renewable energy assets in 2021.

The acquisition was completed by ONGPL, a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), and involved purchasing stakes from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital. Ayana, which has 4 GW of operational and under-construction assets, was founded in 2018 by BII and later received investments from NIIF and Eversource Capital.

This acquisition aligns with ONGC-NTPC net-zero goals—2038 for ONGC and 2050 for NTPC—and helps ONGPL expand its green energy portfolio. ONGPL plans to leverage Ayana’s platform to accelerate growth, contributing to India’s clean energy transition and meeting its ambitious renewable energy targets.