NTPC-ONGC GE JV likely to be highest bidder for $650mn project of Ayana Renewable

According to sources, a joint venture between India's NTPC Green Energy and ONGC Green Energy has emerged as the highest bidder for Ayana Renewable Power, with a bid of approximately $650 million. The joint venture surpassed JSW Energy in the bidding for the renewable energy firm, which is supported 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 that generate 1,600 megawatts of energy in India, with an additional 2,500 megawatts of projects currently under construction.

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"After due diligence, NTPC Green Energy and ONGC Green Energy have jointly decided to acquire a 100% stake of Ayana Renewable Power through a joint venture company," one of the sources said.

The source said NTPC Green Energy and ONGC Green Energy signed an agreement in February this year to float an equal joint venture. Large power producers in India are betting on renewables and making pledges to expand their green energy capacities. The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.

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