Indian power companies ink major green energy deal
ONGC, NTPC sign $2.3B deal for 100% stake in Ayana Renewable
ISTANBUL
India’s largest state-owned oil and gas producer inked a $2.3 billion share purchase agreement Wednesday for a 100% stake in a major renewable energy player, the Indian Express newspaper reported.
Oil and Natural Gas Cooperation Limited (ONGC) said, together with National Thermal Power Corporation, it acquired a 100% stake in Ayana Renewable, a company that operates solar and wind plants.
The acquisition marks one of India's largest clean energy deals, said the newspaper.
ONGC said the purpose of the deal is to “achieve net-zero targets by 2038 and 2050,” and the deal will support Ayana’s infrastructure “for further expansion and growth.”
The agreement comes as ONGC plans to develop a renewable energy portfolio of 10 gigawatts by 2030, while NTPC targets a renewable energy capacity of 60 gigawatts by 2032.
Ayana currently has about 4.1 gigawatts of operational and under-construction assets, and the company wants to add 2 gigawatts of renewable power capacity in the country annually.
The government has committed to adding 500 gigawatts of clean energy by 2030 to cut carbon emissions and aims to reach net-zero emissions by 2070, according to ONGC.
