ONGPL signs SPA for 100 per cent acquisition of Ayana Renewable Power Private Limited
ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) to acquire a 100 per cent equity stake in Ayana Renewable Power Private Limited (Ayana). The agreement was signed with National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital. The transaction is valued at INR 195-billion (USD 2.3-billion).
Ayana, a leading renewable energy platform, has approximately 4.1 GW of operational and under-construction assets, strategically located across resource-rich states. Its portfolio is backed by high-credit-rated off-takers, 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 accelerating the renewable energy transition. ONGPL will now leverage Ayana’s platform for further expansion and growth.
The completion of this transaction is subject to regulatory approvals and fulfilment of conditions precedent.
For this acquisition, Deloitte Touche Tohmatsu India LLP acted as ONGPL’s transaction advisor, with JSA Advocates and Solicitors providing legal counsel. On the sellers’ side, Standard Chartered provided transaction advisory services, with Khaitan & Co and Cyril Amarchand Mangaldas as legal advisors.
*****