NEW DELHI: ONGC-NTPC Green Pvt Ltd, an equal three way partnership between ONGC Green Ltd and NTPC Green Energy Ltd, on Wednesday signed a share buy settlement (SPA) to amass Ayana Renewable Power Pvt Ltd at an enterprise worth of $2.3 billion.
This is the second-largest acquisition in the renewable area after the Adani Green Energy Ltd’s acquisition of SB Energy from SoftBank Group and Bharti Group for $3.5 billion all-cash in 2021.
The signing of the SPA marks the exit of Ayana’s institutional backers National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and Eversource Capital.
Ayana’s portfolio consists of over 4 gigawatts of operational and under-construction tasks unfold throughout resource-rich states which might be backed by offtakers resembling Central renewable vitality aggregator SECI, public sector energy producer NTPC, Gujarat Urja Vikas Nigam Ltd and Indian Railways.
This is ONGC-NTPC Green’s first strategic funding since its inception in November 2024 and underlines the three way partnership’s dedication to accelerating vitality transition. NGEL, the green vitality arm of NTPC, was listed in September final yr.
The deal has its genesis in the net-zero imaginative and prescient of its mother and father — ONGC and NTPC — with a deadline of 2038 and 2050, respectively. ONGC-NTPC Green intention to leverage Ayana’s platform for additional enlargement and development in renewable area.
NIIF has performed a pivotal function in scaling up Ayana as one in all India’s premier renewable vitality platforms, supporting the federal government’s imaginative and prescient for clear vitality transition.
Established by BII in 2018, Ayana attracted investments from NIIF and Eversource Capital in 2019, increasing its portfolio throughout photo voltaic, wind, and round the clock (RTC) tasks whereas reaching best-in-class ESG rankings, the businesses stated in an announcement.
