Author: PPD Team Date: 13/02/2025
ONGC NTPC Green Limited (ONGPL), a joint venture between ONGC Green and NTPC Green Energy Limited, has signed a share purchase agreement to acquire a 100 per cent equity stake in Ayana Renewable Power for Rs 195 billion.
The agreement was finalized with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital. NIIF is the majority shareholder in Ayana.
For this transaction, Deloitte Touche Tohmatsu India acted as ONGPL’s transaction advisor, while JSA Advocates and Solicitors provided legal counsel. On the sellers’ side, Standard Chartered served as the transaction advisor, with Khaitan & Co and Cyril Amarchand Mangaldas offering legal support. The deal remains subject to regulatory approvals and the fulfilment of conditions precedent.
This marks ONGPL’s first investment since its establishment in November 2024. The acquisition aligns with the long-term net-zero targets of ONGC and NTPC, set for 2038 and 2050, respectively. ONGPL plans to leverage Ayana’s platform to drive future expansion in the renewable energy sector.
ONGPL’s focus includes renewable energy projects, offshore wind developments, energy storage, e-mobility, and ESG initiatives. The JV will also explore opportunities in carbon and green credits to aid India’s transition to a low-carbon economy, with activities extending both within India and internationally.