The National Investment and Infrastructure Fund (NIIF), British International Investment and private equity firm Eversource Capital have agreed to sell their renewable energy platform to a joint venture of ONGC and NTPC.
State-run explorer Oil and Natural Gas Corporation and NTPC Green Energy Ltd, a unit of state-owned power producer NTPC Ltd, said Wednesday their joint venture ONGC NTPC Green Pvt. Ltd (ONGPL) will acquire Ayana Renewable Power Pvt. Ltd at an enterprise value of Rs 19,500 crore ($2.3 billion), including debt.
The NIIF, India’s quasi-sovereign wealth fund, owns a majority stake in Ayana while BII and Eversource-managed Green Growth Equity Fund hold minority interests.
Ayana has close to 4.1 GW in operational and under-construction wind and solar assets. This is ONGPL’s first acquisition since its establishment in November 2024, marking its expansion into the renewable energy sector. The JV’s parent entities, ONGC and NTPC, have set a target to be net-zero by 2038 and 2050, respectively, the two companies said.
Ayana was set up by BII in 2018. It secured $330 million from the NIIF, BII and Eversource in 2019. Eversource is a joint venture between private equity firm Everstone Capital and the UK-based Lightsource BP.
The three investors injected another $390 million into Ayana in December 2020. The NIIF led that round and gained a majority stake.
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 $1 billion in capital for the business over the last eight years, BII, along with Eversource Capital and NIIF, has achieved that goal.”
For the transaction, Deloitte Touche Tohmatsu India LLP acted as the advisor to the buyers while JSA Advocates and Solicitors were the legal advisors. Standard Chartered provided transaction advisory services to the sellers, along with Khaitan & Co and Cyril Amarchand Mangaldas as legal advisors.
