Green Transition: ONGC-NTPC's Major Acquisition in Renewable Energy

ONGC-NTPC Green has been approved by the Competition Commission of India to acquire Ayana Renewable Power for Rs 19,500 crore. This strategic acquisition marks a significant step in India's renewable energy sector, positioning Ayana as a key player with 4.1 GW of assets and ambitious expansion plans.

The Competition Commission of India officially cleared ONGC-NTPC Green's acquisition of Ayana Renewable Power, signaling a major development in the renewable energy sector. The transaction, valued at USD 2.3 billion, involves the complete acquisition of Ayana's equity by the ONGC-NTPC Green collaboration.

The transaction represents the second largest deal in India's renewable energy landscape, following Adani Green Energy's acquisition of SB Energy India. Ayana's assets, comprising solar, wind, and hybrid power resources, position it as a formidable force with a portfolio of 4.1 GW, including assets under development.

ONGC Green and NTPC Green Energy aim to push for renewable expansion through this strategic move. The overarching goal is to bolster India's renewable energy transition, achieving a significant milestone with strengthened infrastructure supported by deals with international partners like NIIF and British International Investment.

(With inputs from agencies.)