Acquisitions12 Feb 2025, 11:41 pm
ONGPL Signs Agreement to Acquire Ayana Renewable Power for USD 2.3 Billion
AI Summary
ONGC NTPC Green Private Limited (ONGPL), a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited (Ayana) for an enterprise value of INR 195 billion (USD 2.3 billion). Ayana, a leading player in the renewable energy sector, has c. 4.1 GW operational and under-construction assets with a development pipeline of c. 1 GW. The transaction marks a significant milestone for ONGPL as its first strategic acquisition since its establishment in November 2024, accelerating its expansion into the renewable energy sector and reinforcing its commitment to sustainability.
Key Highlights
- ONGPL to acquire Ayana Renewable Power Private Limited for USD 2.3 billion
- Ayana has c. 4.1 GW operational and under-construction assets
- Acquisition to accelerate ONGPL's expansion into the renewable energy sector
- Transaction aligns with the Net Zero targets of ONGC and NTPC by 2038 and 2050 respectively
- Ayana is a leading player in the renewable energy sector with a development pipeline of c. 1 GW