ONGC NTPC Green completes Ayana acquisition

This expands NGEL’s renewables capacity to meet its 2032 goal.

The joint venture company of NTPC Green Energy Limited (NGEL) and ONGC Green Limited has completed its acquisition of 100% equity stake in Ayana Renewable Power Private Limited.

In a statement, NGEL said the acquisition by ONGC NTPC Green Private Limited (ONGPL) was valued at INR 6,248.50 crore.

Ayana is a renewable energy platform that hash a capacity of around 4,112 megawatts (MW) across India. Its portfolio is backed by high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.

The acquisition now makes Ayana a wholly owned subsidiary of ONGPL. The transaction will also expand NGEL’s capacity in the renewable energy sector to meet its objective of 60 gigawatts of renewable capacity by 2032.