ONGPL Acquires Ayana Renewable Power in a Landmark Clean Energy Deal

In a significant step towards renewable energy expansion, ONGC NTPC Green Private Limited (ONGPL) has entered into a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana). This landmark transaction, valued at ₹195 billion (USD 2.3 billion), was signed on February 12, 2025, with the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.

Strengthening Renewable Energy Commitments

This acquisition marks ONGPL’s first strategic investment since its inception in November 2024, underscoring its commitment to accelerating the renewable energy transition. The deal aligns 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. 

Ayana’s Expanding Renewable Portfolio

Ayana is a leading renewable energy platform with approximately 4.1 GW of operational and under-construction assets across India’s resource-rich states. The company’s portfolio is backed by high-credit-rated off-takers, including Solar Energy Corporation of India (SECI), NTPC, Gujarat Urja Vikas Nigam Limited (GUVNL), and Indian Railways. Since its inception in 2018 by BII, Ayana has secured significant investments, scaling its operations across solar, wind, and round-the-clock (RTC) energy projects while maintaining strong ESG ratings.

ONGC’s Role in Renewable Energy Transition

Oil and Natural Gas Corporation Limited (ONGC) has been actively pursuing clean energy initiatives to align with India’s net-zero targets. As the parent entity of ONGC Green Limited (OGL), ONGC has strategically positioned itself in the renewable sector through investments in solar, wind, and energy storage projects. This acquisition of Ayana Renewable Power reflects ONGC’s long-term vision to diversify beyond hydrocarbons and contribute to India’s sustainable energy landscape.

About the Key Entities

ONGC NTPC Green Private Limited (ONGPL): A joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), dedicated to the development of renewable energy projects.

ONGC Green Limited (OGL): A subsidiary of ONGC, committed to achieving net-zero emissions through investments in solar, wind, and energy storage solutions.

NTPC Green Energy Limited (NGEL): A subsidiary of NTPC Limited, focused on expanding NTPC’s renewable energy portfolio to 60 GW by 2032.

Oil and Natural Gas Corporation Limited (ONGC): India’s largest energy company with a diversified portfolio, including oil, gas, and renewables. ONGC is actively investing in clean energy projects to support India’s long-term sustainability goals.

National Investment and Infrastructure Fund (NIIF): India’s sovereign-linked asset manager, specialising in sustainable infrastructure and private equity investments.

British International Investment (BII): The UK’s development finance institution, supporting sustainable economic growth in emerging markets.

Eversource Capital: A major climate fund manager investing in energy transition, industrial decarbonisation, and urban sustainability.

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