ONGC-NTPC Green Pvt Ltd (ONGPL), a joint venture of India’s largest oil and gas producer ONGC and leading power company NTPC, has signed a ₹19,500 crore ($2.3 billion) deal to acquire Ayana Renewable Power Pvt Ltd. This marks ONGPL’s first major investment since its inception in November 2024, strengthening its commitment to renewable energy.
Ayana, a leading renewable energy platform, has 4.1 GW of operational and under-construction assets across India. The acquisition aligns with ONGC and NTPC’s broader vision to achieve net-zero emissions by 2038 and 2050, respectively.
The agreement was signed with Ayana’s shareholders: National Investment and Infrastructure Fund (NIIF) (51%), British International Investment (BII) (32%), and Eversource Capital (17%). ONGPL will take over Ayana’s debt and pay an undisclosed sum to the current owners.
This is India’s second-largest renewable energy acquisition, following Adani Green Energy’s $3.5 billion deal for SB Energy India in 2021. The transaction, subject to regulatory approvals, supports India’s goal of 500 GW renewable energy capacity by 2030, reinforcing ONGC and NTPC’s commitment to a low-carbon economy.
