In a significant move for India's renewable energy sector, ONGC NTPC Green Pvt Ltd (ONGPL) has signed a ₹19,500 crore ($2.3 billion) Share Purchase Agreement to acquire a 100% equity stake in Ayana Renewable Power. This marks ONGPL’s first major acquisition since its inception, reinforcing its commitment to accelerating India’s clean energy transition.
With this acquisition, ONGPL gains control of Ayana’s 4.1 GW renewable energy portfolio, comprising solar, wind, and Round-The-Clock (RTC) power projects. These assets are strategically located across resource-rich states, enhancing ONGPL’s ability to deliver reliable clean energy.
The acquisition aligns with India’s ambitious renewable energy targets—500 GW of non-fossil fuel capacity by 2030 and Net Zero by 2070. Ayana’s high-credit off-takers include SECI, NTPC Limited, Gujarat Urja Vikas Nigam Ltd. (GUVNL), and the Ministry of Railways, ensuring stable long-term demand for clean power.
ONGPL plans to leverage Ayana’s expertise to scale up India’s renewable infrastructure. The deal also strengthens the clean energy ambitions of its parent companies—ONGC’s Net Zero target by 2038 and NTPC’s goal of achieving 60 GW of renewable capacity by 2032.
By combining ONGC and NTPC’s technical expertise, financial strength, and operational capabilities, ONGPL is poised to play a leading role in India's energy transition, driving the nation toward a more sustainable and resilient power sector.
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