ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGCGreen Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a SharePurchase Agreement (SPA) to acquire a 100 per cent equity stake in AyanaRenewable Power Private Limited (Ayana). The agreement was signed with NationalInvestment and Infrastructure Fund (NIIF), British International Investment Plc(BII) and its subsidiaries, and Eversource Capital. The transaction is valuedat INR 195-billion (USD 2.3-billion).

Ayana, a leading renewable energy platform, has approximately 4.1 GW of operationaland under-construction assets, strategically located across resource-richstates. 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 itsinception in November 2024, underscoring its commitment to accelerating therenewable energy transition. ONGPL will now leverage Ayana’s platform forfurther expansion and growth.

The completion of this transaction is subject to regulatory approvals and fulfilmentof conditions precedent.

For this acquisition, Deloitte Touche Tohmatsu India LLP acted as ONGPL’s transactionadvisor, with JSA Advocates and Solicitors providing legal counsel. On thesellers’ side, Standard Chartered provided transaction advisory services, withKhaitan & Co and Cyril Amarchand Mangaldas as legal advisors.