ONGC, NTPC Green may form consortium to bid for Ayana Renewable

16 May 2024 , 03:37 PM

According to people familiar with the news, Oil and Natural Gas Corporation (ONGC) is in talks with NTPC Green Energy to create a consortium to bid for Ayana Renewable Power, which is controlled by the National Investment and Infrastructure Fund.

According to the sources, ONGC and NTPC Green Energy might jointly investigate an offer, or the former could bid on its own.

JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have all made non-binding approaches to buy a controlling share in Bengaluru-based Ayana Renewable Power.

NIIF will shortlist bidders in the next weeks, allowing them to undertake due diligence on the company before submitting binding financial proposals.

Earlier this year, ONGC announced the formation of ONGC Green, a new subsidiary dedicated to the development of renewable energy projects such as wind and solar power facilities, as well as green hydrogen and ammonia. NTPC Green stated in February that it was preparing for an initial public offering of shares, which might take place in fiscal year 2024–25.

ONGC and NTPC Green established a joint venture to explore offshore wind energy projects.

NIIF holds 51% interest in Ayana Renewable Power, while British International Investment (previously known as CDC group) owns 32%. Eversource Capital’s Green Growth Equity fund owns 17%.

Ayana has a pipeline of over 4 GW of solar, wind, and hybrid power projects across many states, with an operational capacity of 1.3 GW in Andhra Pradesh, Karnataka, and Rajasthan.

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