Ayana Renewable Power, an Indian renewables firm backed by National Investment and Infrastructure Fund (NIIF), British International Investment (BII) and Eversource Capital, has been acquired by ONGC Green Limited and NTPC Green Energy Limited for INR195bn (€2.16bn).
The ONGC NTPC Green Private Limited (ONGPL) joint venture has bought Ayana, its first purchase since it was formed in November 2024.
Ayana has 4.1GW of operational and under-construction assets primarily located in resource-rich states and contracted with high credit-rated offtakers.
Sanjay Kumar Mazumder, CEO, ONGC Green Limited, said: “The acquisition of Ayana is a strategic milestone in ONGC Green Ltd and NTPC Green Energy Ltd’s pursuit of a Clean Energy Revolution. As two of India’s largest Maharatna PSUs [public sector undertakings], we recognise our responsibility in driving the nation’s green energy ambitions.
“This acquisition propels us forward in accelerating India’s transition to a low-carbon economy, leveraging our technical expertise, industry relationships, and financial strength.”
Rajiv Gupta, CEO, NTPC Green Energy, said: “The acquisition of Ayana Renewables platform by ONGC NTPC Green Private Limited is one of the historic deals by the two Maharatna behemoth in the clean energy sector.
“This underscores our commitment to energy transition goals and leverages our advanced technical and industry experience along with financial strength.”
Vinod Giri, managing partner, master fund at NIIF, said: “Ayana’s successful growth journey underscores NIIF’s commitment to investing at scale, highlighting the vast opportunity in India’s sustainable infrastructure sector to deliver both financial returns and meaningful impact.
“With Ayana well-positioned for its next phase of growth, this transaction enables us to unlock value while continuing to catalyse global institutional capital into transformative infrastructure opportunities.”
Srini Nagarajan, managing director and head of Asia at BII, said: “BII launched Ayana in 2018 to play a catalytic role in accelerating the adoption of renewable power in India. In mobilising well over $1bn in capital for the business over the last eight years, BII along with Eversource Capital and NIIF have achieved that goal.
“I am excited for the future of Ayana and the wide range of opportunities in the market for BII to support India’s drive towards net zero.”
Dhanpal Jhaveri, CEO of Eversource Capital, said: “We are excited to have partnered with NIIF and BII in building Ayana into one of India’s leading renewable energy platforms by leveraging our global network of technical and operational expertise and long-term climate focussed investors.
“We are confident that as it begins a new journey with ONGPL, Ayana will continue to accelerate India’s transition towards net-zero.”
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