Ayana Renewable Power Private Limited is a leading player in the renewable energy sector having 4.1 GW operational and under-construction assets with a development pipeline of 1 GW.

Feb 18, 2025

The National Thermal Power Corporation (NTPC), in a joint venture with the Oil and Natural Gas Corporation (ONGC), has acquired Ayana Renewable Power Private Limited, a leading player in the renewable energy sector having 4.1 GW operational and under-construction assets with a development pipeline of 1 GW, for an enterprise value of INR 195 billion.

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NTPC said in a statement that ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), signed a share purchase agreement (SPA) with National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc (BII) and Eversource Capital, to acquire 100 percent equity stake in ARPPL.

The transaction marked 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 aligned with the broader vision of its ultimate parent companies (ONGC and NTPC) to achieve their Net Zero targets by 2038 and 2050 respectively. India has committed to achieve Net-Zero emissions by 2070 and 500GW of renewable capacity by 2030.

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Majority of Ayana Renewable Power’s portfolio is strategically located in resource-rich states and contracted with high credit rated off-takers such as Solar Energy Corporation of India Limited (SECI), NTPC, Gujarat Urja Vikas Nigam (GUVNL) and the Indian Railways, among others.

The completion of the transaction is subject to the fulfilment of conditions precedent and necessary regulatory approvals, it added.