ONGC NTPC Green Private Limited (ONGPL), a 50:50joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited(NGEL), has signed a Share Purchase Agreement (SPA) to acquire a 100 per centequity stake in Ayana Renewable Power Private Limited (Ayana). The agreementwas signed with National Investment and Infrastructure Fund (NIIF), BritishInternational Investment Plc (BII) and its subsidiaries, and EversourceCapital. The transaction is valued at INR 195-billion (USD 2.3-billion).

Ayana, a leading renewable energy platform, hasapproximately 4.1 GW of operational and under-construction assets, strategicallylocated across resource-rich states. Its portfolio is backed byhigh-credit-rated off-takers, such as SECI, NTPC, GUVNL, and Indian Railways.

This acquisition marks ONGPL’s first strategicinvestment since its inception in November 2024, underscoring its commitment toaccelerating the renewable energy transition. ONGPL will now leverage Ayana’splatform for further expansion and growth.

The completion of this transaction is subject toregulatory approvals and fulfilment of conditions precedent.

For this acquisition, Deloitte Touche TohmatsuIndia LLP acted as ONGPL’s transaction advisor, with JSA Advocates andSolicitors providing legal counsel. On the sellers’ side, Standard Chartered providedtransaction advisory services, with Khaitan & Co and Cyril AmarchandMangaldas as legal advisors.