ONGC-NTPC Green to Acquire Ayana Renewables in ₹19,500 Crore Deal, Accelerating India’s Clean Energy Transition
India’s renewable energy capacity, ONGC-NTPC Green Energy Ltd. (ONGPL), the joint venture between ONGC Green (OGL) and NTPC Green Energy (NGEL), has announced the acquisition of Ayana Renewable Power for ₹19,500 crore (approximately $2.3 billion). The deal, signed through a Share Purchase Agreement (SPA), is set to be a significant catalyst in accelerating India’s transition to a clean and low-carbon energy future.
Founded in 2018 by British International Investment (BII), Ayana Renewable Power has amassed an impressive portfolio of 4.1 gigawatts (GW) of operational and under-construction renewable energy assets. This includes a diverse range of projects spanning solar, wind, and round-the-clock (RTC) solutions, positioning Ayana as a key player in the renewable energy sector. The acquisition marks ONGPL’s first major move since its establishment in November 2024, signalling its ambition to play a leading role in India’s renewable energy revolution. For ONGC and NTPC, both parent firms of ONGPL, the deal aligns with their broader long-term net-zero goals — ONGC aiming for net-zero emissions by 2038 and NTPC by 2050. This acquisition not only accelerates ONGPL’s growth but also brings India closer to its target of increasing renewable energy capacity and achieving a sustainable energy future.
Sanjay Kumar Mazumder, CEO of ONGC Green, commented on the strategic importance of the acquisition, saying, “Ayana’s acquisition is a strategic milestone in ONGL and NGEL’s pursuit of a clean energy revolution. This move accelerates India’s transition to a low-carbon economy by leveraging our technical expertise, industry relationships, and financial strength.” Rajiv Gupta, CEO of NTPC Green Energy, highlighted that the acquisition significantly supports NGEL’s target of achieving 60 GW of renewable capacity by FY32. This aggressive expansion plan positions NGEL as one of the leading developers of utility-scale renewable energy in India, paving the way for even more large-scale renewable projects across the country. The acquisition comes at a time when India is looking to accelerate its renewable energy production to meet its climate goals and reduce its reliance on fossil fuels. With Ayana’s strong track record and expertise, the deal reinforces ONGC-NTPC Green’s commitment to boosting renewable energy capacity and driving the nation’s clean energy transition.
Despite the optimism surrounding this acquisition, the renewable energy sector in India faces numerous infrastructure challenges that may impact the pace of growth. One of the key hurdles is the grid integration of renewable energy, particularly given the intermittent nature of solar and wind power. India’s existing energy grid infrastructure will need significant upgrades to accommodate increased renewable energy output from projects like those owned by Ayana. Additionally, there are concerns about land acquisition for large-scale renewable projects. While the government has been taking steps to ease land acquisition for renewable energy projects, regulatory delays and the potential for local opposition remain significant obstacles that could slow down the rollout of new renewable capacity. Another issue is the need for investment in storage solutions to address the issue of energy intermittency. Round-the-clock (RTC) power solutions like those offered by Ayana are critical to overcoming this challenge, but they require substantial infrastructure investment in energy storage systems to ensure that renewable energy can be delivered reliably throughout the day.
Lastly, regulatory approvals and environmental clearances are often time-consuming processes that can delay the implementation of renewable energy projects. As the industry scales up to meet ambitious renewable energy targets, the need for streamlined and supportive policies becomes more pressing. The ONGC-NTPC Green Energy acquisition of Ayana Renewables represents a bold step in India’s transition to a low-carbon future. The deal will expand renewable energy capacity and contribute to India’s global leadership in renewable energy development. With the collaboration of industry giants like ONGC and NTPC, coupled with the expertise of Ayana, the future of India’s clean energy sector looks promising. As the country continues to grow its renewable energy capacity, the infrastructure challenges need to be addressed through strategic planning, innovation, and policy support. This acquisition not only serves as a strategic business move but also as a signal of India’s commitment to accelerating its green energy transition.
