NTPC Green Energy, ONGC Share In Focus: 2 PSUs JV To Acquire 100% Of Ayana Renewable Power For $2.3 Bn

NTPC Green Energy and ONGC stocks will be in focus after the two PSU giants joint venture ONGC NTPC Green Private Limited (ONGPL) signed a Share Purchase Agreement (SPA) on 12 February 2025 to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana). Both NTPC Green and ONGC hold 50:50 stakes in the joint venture. Accordingly, the share prices of NTPC Green and ONGC will be in focus on Thursday, February 13.

The duo signed the agreement with National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital.

The value of the transaction is approximately Rs 195 billion or $2.3 billion.

Sanjay Kumar Mazumder, CEO, ONGC Green Limited, said, "The acquisition of Ayana is a strategic milestone in ONGC Green Ltd and NTPC Green Energy Ltd's pursuit of a Clean Energy Revolution. As two of India's largest Maharatna PSUs, we recognize our responsibility in driving the nation's green energy ambitions. This acquisition propels us forward in accelerating India's transition to a low-carbon economy, leveraging our technical expertise, industry relationships, and financial strength."

While Rajiv Gupta, CEO, NTPC Green Energy said, "This underscores our commitment to energy transition goals and leverages our advanced technical and industry experience alongwith financial strength. This also aligns with NGEL's mission of achieving the ambitious target of 60 GW by FY 32 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. By joining hands we will create a cleaner and strengthened vision for Vikasit Bharat!"

The deal marks the JV's first strategic investment since its inception in November 2024, underscoring its commitment to accelerating the renewable energy transition.

For this acquisition, Deloitte Touche Tohmatsu India LLP acted as ONGPL's transaction advisor, with JSA Advocates and Solicitors providing legal counsel. On the sellers' side, Standard Chartered provided transaction advisory services, with Khaitan & Co and Cyril Amarchand Mangaldas as legal advisors.

Also, the deal is in line with the broader vision of its parent companies-ONGC and NTPC-to achieve net-zero targets by 2038 and 2050, respectively. ONGPL will now leverage Ayana's platform for further expansion and growth.

Notably, Ayana, a leading renewable energy platform, has approximately 4.1 GW of operational and under-construction assets, strategically located across resource-rich states. Its portfolio is backed by high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.

India has committed to achieving Net Zero emissions by 2070 and developing 500 GW of renewable energy capacity by 2030. NIIF has played a pivotal role in scaling Ayana as one of India's premier renewable energy platforms, supporting the Government of India's vision for clean energy transition. Established by BII in 2018, Ayana attracted investments from NIIF and Eversource Capital in 2019, expanding its portfolio across solar, wind, and round-the-clock (RTC) projects while achieving best-in-class ESG ratings, as per the statement.