India's ONGC-NTPC Green Energy joint venture to buy Ayana Renewable (updated)

NTPC Green Energy

12/02/2025 11:48

(Adds details paragraph 3 onwards)
       Feb 12 (Reuters) - State-owned explorer Oil and Natural
Gas Corporation (ONGC)  ONGC.NS  said on Wednesday that its
joint venture with utility firm NTPC Green Energy  NTPG.NS  will
acquire Ayana Renewable Power, which operates solar and wind
plants.
    Ayana is valued at $2.3 billion including debt, ONGC said in
a statement.
    The 50-50 joint venture outbid JSW Energy  JSWE.NS  for the
renewable energy firm, Reuters had reported in November, citing
sources.
    Ayana, owned by quasi-sovereign wealth fund National
Investment and Infrastructure Fund, British International
Investment Fund and Green Growth Equity Fund, operates plants
that produce 1,600 megawatts in India and has another 2,500
megawatts in such projects under construction.
    The acquisition comes at a time when large power producers
in India are betting big on renewables and making pledges to
expand their green energy capacities.
    The Indian government has pledged to add 500 gigawatts of
clean energy by 2030 to reduce carbon emissions.

 (Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru;
Editing by Mrigank Dhaniwala)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))