NTPC-ONGC Green JV Becomes Top Bidder for Ayana Renewable at $ 650 mn
POWER & RENEWABLE ENERGY

NTPC-ONGC Green JV Becomes Top Bidder for Ayana Renewable at $ 650 mn

A joint venture between India’s NTPC Green Energy and ONGC Green Energy was reported as the highest bidder for Ayana Renewable Power, having bid approximately $ 650 million, according to two individuals involved in the deal who spoke to Reuters.

The joint venture outbid JSW Energy for the renewable energy firm, which is backed by the quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF).

Ayana Renewable Power, owned by NIIF, British International Investment Fund, and Green Growth Equity Fund, operates solar and wind plants generating 1,600 megawatts in India, with another 2,500 megawatts in projects under construction.

One of the sources shared that after due diligence, NTPC Green Energy and ONGC Green Energy had jointly decided to acquire a 100% stake in Ayana Renewable Power through their joint venture company.

NTPC, ONGC, and Ayana Renewable Power did not immediately respond to Reuters' inquiries.

NTPC Green Energy and ONGC Green Energy had signed an agreement in February of this year to form an equal joint venture.

Large power producers in India are significantly investing in renewables and have made commitments to expand their green energy capacities. The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.

NTPC Green Energy, a subsidiary of the state-owned NTPC, is aiming for a valuation of up to $10.8 billion in an initial public offering (IPO) next week, which is expected to be India’s third-largest IPO of the year.

A joint venture between India’s NTPC Green Energy and ONGC Green Energy was reported as the highest bidder for Ayana Renewable Power, having bid approximately $ 650 million, according to two individuals involved in the deal who spoke to Reuters. The joint venture outbid JSW Energy for the renewable energy firm, which is backed by the quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF). Ayana Renewable Power, owned by NIIF, British International Investment Fund, and Green Growth Equity Fund, operates solar and wind plants generating 1,600 megawatts in India, with another 2,500 megawatts in projects under construction. One of the sources shared that after due diligence, NTPC Green Energy and ONGC Green Energy had jointly decided to acquire a 100% stake in Ayana Renewable Power through their joint venture company. NTPC, ONGC, and Ayana Renewable Power did not immediately respond to Reuters' inquiries. NTPC Green Energy and ONGC Green Energy had signed an agreement in February of this year to form an equal joint venture. Large power producers in India are significantly investing in renewables and have made commitments to expand their green energy capacities. The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions. NTPC Green Energy, a subsidiary of the state-owned NTPC, is aiming for a valuation of up to $10.8 billion in an initial public offering (IPO) next week, which is expected to be India’s third-largest IPO of the year.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement