India’s ONGC NTPC Green Pvt. Ltd. (ONGPL), a 50-50 joint venture between ONGC Green Ltd. (OGL) and NTPC Green Energy Ltd. dedicated to developing renewable-energy projects, has signed a share purchase agreement to acquire a 100 percent equity stake in Ayana Renewable Power.
The deal was signed with National Investment and Infrastructure Fund (NIIF), British International Investment (BII) and its subsidiaries, and Eversource Capital. The transaction is valued at INR 195 billion ($2.3 billion), making it one of the largest acquisitions in India’s clean energy space.
Ayana, a renewable-energy platform, has approximately 4.1 gigawatts of operational and under-construction assets, strategically located across resource-rich states. Its portfolio is backed by high credit-rated offtakers such as SECI, NTPC, GUVNL and Indian Railways.
This acquisition marks ONGPL’s first strategic investment since its inception in November 2024, underscoring its commitment to accel
