Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

ONGC Invests Rs3,300 Crore in Ayana Renewable Power Acquisition

Oil and Natural Gas Corporation Ltd (ONGC) has approved an investment of Rs3,300 crore in its renewable energy subsidiary, ONGC Green Ltd. (OGL). This investment will enable the 100?quisition of Ayana Renewable Power through ONGC NTPC Green Pvt. Ltd. (ONGPL), a joint venture equally owned by OGL and NTPC Green Energy Ltd. (NGEL).

Ayana Renewable Power is a key player in India's renewable energy sector, with an operational and under-construction portfolio of 4.1 GW across multiple resource-rich states. The company has secured power purchase agreements (PPAs) with major off-takers, including the Solar Energy Corporation of India (SECI), NTPC, Gujarat Urja Vikas Nigam Ltd (GUVNL), and Indian Railways.

Apart from the Ayana acquisition, ONGC’s board has sanctioned Rs4,920 crore for related party transactions linked to its Mozambique LNG project. As part of this, ONGC Videsh (OVL) will allocate up to Rs1,500 crore to Beas Rovuma Energy Mozambique Ltd. (BREML) in the form of redeemable preference shares. Additionally, OVL Overseas IFSC Ltd (OOIL) will provide a senior loan sponsorship of Rs3,270 crore for the Mozambique LNG1 project.

This strategic investment reinforces ONGC’s commitment to expanding its renewable energy portfolio while simultaneously advancing its global energy investments. The acquisition of Ayana Renewable Power will enhance ONGC’s footprint in the green energy sector, supporting India's broader clean energy goals.