ONGC NTPC Green (ONGPL), a joint venture between ONGC Green and NTPC Green Energy, has signed a share purchase agreement to acquire a 100% equity stake in utility-scale renewable energy platform Ayana Renewable Power for ₹195 billion (~$2.3 billion).

The agreement was signed with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital. NIIF is a majority shareholder in Ayana.

This marks ONGPL’s first investment since its establishment in November 2024. The company focuses on solar, wind, and energy storage solutions and is engaged in greenfield and brownfield acquisitions to expand its renewable energy portfolio.

This acquisition increases ONGPL’s renewable energy capacity to approximately 4.1 GW.

“The acquisition of Ayana is a strategic milestone in ONGC Green and NTPC Green Energy’s pursuit of a clean energy revolution. As two of India’s largest maharatna public sector undertakings, we recognize our responsibility to drive 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,” said Sanjay Kumar Mazumder, CEO of ONGC Green.

ONGPL said the transaction aligns with the long-term goals of ONGC and NTPC to achieve net-zero emissions by 2038 and 2050, respectively. It plans to use Ayana’s platform to support its future expansion.

For this acquisition, Deloitte Touche Tohmatsu India served as ONGPL’s transaction advisor, while JSA Advocates and Solicitors provided legal counsel. Standard Chartered acted as transaction advisor on the sellers’ side, with Khaitan & Co and Cyril Amarchand Mangaldas providing legal counsel.

The transaction is subject to regulatory approvals and the fulfillment of conditions precedent.

In 2023, ONGC acquired PTC Energy in a transaction valued at ₹9.25 billion (~$111.18 million). PTC Energy has an aggregate operational wind generation capacity of 288.80 MW  in Andhra Pradesh, Madhya Pradesh, and Karnataka. It operates 157 wind turbine generators across all its wind farms.

Mergers and acquisitions witnessed a 15% year-over-year decline in 2024, with 82 transactions compared to 96 in 2023, according to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report. There were 82 M&A transactions announced in 2024, with 21 amounting to $17.3 billion. By comparison, 96 companies were acquired for $12.4 billion in 2023.