NTPC and ONGC Green Energy Place $650 Million Bid for Ayana Renewable Power

A joint venture between NTPC Green Energy and ONGC Green Energy has emerged as the highest bidder for Ayana Renewable Power, offering approximately $650 million. 

About Ayana Renewable Power

Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF), British International Investment Fund, and Green Growth Equity Fund, operates solar and wind power plants across India. The company generates 1,600 megawatts of renewable energy and has 2,500 megawatts of projects currently under construction.

Acquisition Agreement

The joint venture between NTPC and ONGC Green Energy plans to acquire 100% of Ayana Renewable Power. This follows a decision made after completing due diligence. The companies did not respond to inquiries about the deal.

Growing Interest in Renewable Energy

NTPC Green Energy, a subsidiary of India’s state-owned NTPC, and ONGC Green Energy, part of the state-owned ONGC, are both significantly expanding their renewable energy ventures. This move aligns with the Indian government’s pledge to achieve 500 gigawatts of clean energy by 2030 to combat carbon emissions.

NTPC’s Upcoming IPO

NTPC Green Energy, which is targeting a valuation of $10.8 billion, is set to launch an initial public offering (IPO) this week, expected to be the third-largest IPO in India this year. The IPO, open for bidding from November 19 to 22, will offer all shares, with proceeds planned to pay off the debt held by NTPC Renewable Energy.

ONGC Green Energy’s Plans

ONGC Green Energy also plans to list in the current financial year, further strengthening India’s push toward renewable energy expansion.

About NTPC 

NTPC Ltd, along with its subsidiaries, associates, and joint ventures, mainly generates and sells large amounts of electricity to state power utilities. Additionally, the company offers consultancy services, project management, energy trading, oil and gas exploration, and coal mining.

On November 18, 2024, NTPC share price opened at ₹380.00, touching the day’s low of ₹362.65 as of 11:34 AM on NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.