In a major event in India’s renewable energy landscape, ONGC-NTPC Green Private Limited (ONGPL)—a 50:50 joint venture between NTPC Green Energy (NGEL) and ONGC Green—has completed the acquisition of Ayana Renewable Power. Ayana Renewable is now a fully owned subsidiary of ONGPL. The deal concluded on 27 March 2025 and was valued at INR 6,248.50 crore. CCI approved this deal on 11 March 2025.
Ayana Renewable was founded in 2017. The company’s portfolio includes ~4,112 Megawatts (MW) of energy generation capacity (2,123 MW operational and 1,989 MW under construction). The assets are located in resource-rich states and have high-credit-rated off takers like SECI, NTPC, GUVNL and Indian Railways.
Means of This Acquisition
NTPC Green Energy is looking to achieve 60 Gigawatts (GW) of renewable energy by 2032 and NGEL, a wholly owned subsidiary of NTPC, is the key entity for the green business of the company and is using both organic and inorganic routes for growth.
In this transaction, NGEL has contributed INR 3,124.25 crore (50% of the total deal value) as equity. The deal was an all-cash deal at INR 23.22 per share. Post the deal, Ayana has become a subsidiary of ONGPL.
As per the company’s filing, the acquisition is in line with NGEL’s core strategy and is a big step in building a strong renewable energy footprint in India.
Financial and Operational Highlights of Ayana
Ayana Renewable Power was incorporated by British International Investment and is backed by sovereign-linked institutional investors like NIIF (51%), BII (32%) and GGEF (17%). The company had a turnover of INR 856.40 crore in FY24, up from INR 822.80 crore in FY23 and INR 489.20 crore in FY22.
Market Reaction and Share Performance
Despite the strategic nature of the acquisition, shares of NTPC Green Energy witnessed a dip post-announcement. On 28 March 2025, the stock traded 1.60% lower at INR 101.45 apiece on the National Stock Exchange (NSE), while on 25 March 2025, it had already declined by 3.48%, closing at INR 100. This came in contrast to the company’s announcement of receiving the operational certificate for the final 100 MW phase of its 320 MW Bhainsara Solar PV Project in Rajasthan.
Over the past three months, NTPC Green Energy shares have corrected by around 24%. However, they have delivered a 4% return over the last week and a modest 2% uptick in the past month.
Growth Roadmap
NTPC Green Energy is aggressively growing its green energy portfolio. On 10 March 2025, NTPC and NGEL signed multiple agreements with the Chhattisgarh government to invest INR 96,000 crore in nuclear, hydro and renewable energy projects in the state. This includes 4,200 MW nuclear power project, 1,200 MW pumped hydro storage system and 2 GW of renewable energy projects.
NTPC Green is also moving ahead with its Bhainsara Solar PV Project in Rajasthan. The 320 MW project is developed in three phases, and the latest 100 MW phase has been operational since 25 March 2025.
Conclusion
The Ayana acquisition is a big milestone for NGEL’s renewable energy journey. With strategic joint ventures, government support and execution capabilities, NTPC Green Energy is well placed to be a key player in India’s clean energy transition.
