New Delhi, 13/02/2025: State-owned Oil and Natural Gas Corporation (ONGC) announced on Wednesday that it will buy Ayana Renewable Power in partnership with NTPC Green Energy. Ayana is a company that runs solar and wind energy plants. The two companies formed a joint venture and won the deal by outbidding JSW Energy. ONGC said the total value of Ayana, including its debt, is $2.3 billion.
Ayana is currently owned by the National Investment and Infrastructure Fund, British International Investment Fund, and Green Growth Equity Fund. It operates power plants that generate 1,600 megawatts of renewable energy across India, with another 2,500 megawatts under development. By acquiring Ayana, ONGC and NTPC Green Energy will expand their role in India’s growing renewable energy market.
This deal comes as India’s power companies are increasing their investments in clean energy. The Indian government has set a target to add 500 gigawatts of renewable energy by 2030 to reduce pollution and fight climate change. The acquisition supports the country’s commitment to switching to cleaner energy sources.
