ONGC-NTPC inexperienced JV acquires Ayana in $2.3 billion deal
NEW DELHI: ONGC-NTPC Inexperienced Pvt Ltd, an equal three way partnership between ONGC Inexperienced Ltd and NTPC Inexperienced Power Ltd, on Wednesday signed a share buy settlement (SPA) to accumulate Ayana Renewable Energy Pvt Ltd at an enterprise worth of $2.3 billion.
That is the second-largest acquisition within the renewable house after the Adani Inexperienced Power Ltd’s acquisition of SB Power 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 Nationwide Funding and Infrastructure Fund (NIIF), British Worldwide Funding Plc (BII) and Eversource Capital.
Ayana’s portfolio consists of over 4 gigawatts of operational and under-construction initiatives unfold throughout resource-rich states which can be backed by offtakers comparable to Central renewable vitality aggregator SECI, public sector energy producer NTPC, Gujarat Urja Vikas Nigam Ltd and Indian Railways.
That is ONGC-NTPC Inexperienced’s first strategic funding since its inception in November 2024 and underlines the three way partnership’s dedication to accelerating vitality transition. NGEL, the inexperienced vitality arm of NTPC, was listed in September final yr.
The deal has its genesis within the net-zero imaginative and prescient of its mother and father — ONGC and NTPC — with a deadline of 2038 and 2050, respectively. ONGC-NTPC Inexperienced intention to leverage Ayana’s platform for additional enlargement and development in renewable house.
NIIF has performed a pivotal position 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) initiatives whereas reaching best-in-class ESG rankings, the businesses mentioned in a press release.
