New Delhi, Feb. 12 -- ONGC NTPC Green on Wednesday signed an agreement with NIIF and three other entities to acquire a 100 per cent stake in Ayana Renewable Power at an enterprise value of Rs 19,500 crore.
ONGC NTPC Green is a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL) -- the listed subsidiary of power giant NTPC.
"ONGPL has signed a Share Purchase Agreement (SPA) with National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc (BII), and Eversource Capital to acquire a 100 per cent equity stake in Ayana Renewable Power Private Limited (Ayana) for an enterprise value of Rs 195 billion (USD 2.3 billion)," NTPC Green Energy said in an exchange filing.
Ayana Renewable Power Private Limited (Ayana) is a leading player in the renewable energy sector having 4.1 GW operational and under-construction assets with a development pipeline of 1 GW.
A majority of Ayana's portfolio is strategically located in resource-rich states and is contracted with high credit-rated off-takers such as SECI, NTPC, GUVNL, Indian Railways, among others.
Rajiv Gupta, CEO, NTPC Green Energy Ltd said: "The acquisition of Ayana...aligns with NGEL's mission of achieving the ambitious target of 60 GW by FY32 and moving forward to become one of the leading developer of utility-scale renewable energy projects in the country..."
Sanjay Mazumdar, CEO, ONGC Green Limited, said. "This value accretive acquisition will help us take a giant leap in accelerating the nation's transition to a low-carbon economy."
Published by HT Digital Content Services with permission from Millennium Post.