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The Competition Commission of India (CCI) has given the green light to ONGC-NTPC Green Pvt Ltd (ONGPL) for acquiring Ayana Renewable Power Pvt Ltd in a deal valued at ₹19,500 crore ($2.3 billion). ONGPL is a 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy Ltd (NGEL).

As per the CCI’s statement: “The proposed combination involves the acquisition of 100 per cent equity share capital of the target (Ayana Renewable Power) by the acquirer (ONGC NTPC Green),” confirming the full takeover.

This strategic move aligns with India’s push towards expanding its renewable energy footprint by integrating Ayana’s extensive solar, wind, and hybrid power portfolio.

Deal Structure and Key Shareholders

Last month, ONGPL finalised a share purchase agreement with Ayana’s key shareholders to acquire a 100% stake. The previous ownership structure included:

• National Investment and Infrastructure Fund (NIIF): 51%
• British International Investment Plc (BII) & subsidiaries: 32%
• Eversource Capital: 17%

This deal makes it one of the largest renewable energy acquisitions in India, second only to Adani Green Energy’s $3.5 billion acquisition of SB Energy India in 2021.

Ayana Renewable Power’s Portfolio and Growth Plans

Ayana Renewable Power is a significant player in India’s clean energy sector with a diversified portfolio:

• 4.1 GW of operational and under-construction assets
• 3 GW of renewable projects in the pipeline, including solar, wind, hybrid, and round-the-clock (RTC) energy solutions

The company plans to commission a 300-MW solar power project and a 140-MW wind energy project in FY25, with additional capacity rollout through FY26 and FY27.

About the Acquiring Entities

ONGC Green (OGL):

• A wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd (ONGC)
• Focuses on solar, wind, and energy storage solutions
• Actively pursuing greenfield and brownfield acquisitions to accelerate India’s renewable energy transition

NTPC Green Energy Ltd (NGEL):

• A subsidiary of NTPC Ltd leading the company’s renewable energy initiatives
• Aims to reach 60 GW of renewable energy capacity by 2032

National Investment and Infrastructure Fund (NIIF):

• India’s sovereign-linked asset manager with $4.4 billion in equity capital commitments

British International Investment (BII):

• The UK’s development finance institution, promoting sustainable economic growth in emerging markets

Eversource Capital:

• Manages one of the largest climate-focused funds
• Specialises in energy transition, industrial decarbonisation, and urban sustainability

Conclusion

The ONGC-NTPC Green acquisition of Ayana Renewable Power marks a major milestone in India’s clean energy sector, reinforcing the country’s commitment to sustainability. With its vast renewable portfolio and strong backing from energy giants, Ayana is poised for significant capacity expansion in the coming years. This deal underscores India’s growing emphasis on scalable and sustainable energy solutions, paving the way for a greener future.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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