ONGPL Acquires Ayana Renewable Power for $2.3 Billion

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ONGC NTPC Green Private Limited (ONGPL), a joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), has signed a Share Purchase Agreement (SPA) for the acquisition of a 100% shareholding in Ayana Renewable Power Private Limited (Ayana) at ₹195 billion ($ 2.3 billion).

The deal, signed on February 12, 2025, was made with the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital. It is ONGPL’s largest investment since November 2024, marking its focus on accelerating India’s shift to renewable energy.

Ayana’s Strong Renewable Energy Portfolio

Ayana, a top renewable energy platform, has on-grid and under-construction assets of about 4.1 GW spread across India’s resource-abundant locations. The portfolio consists of high-credit-rated off-takers like SECI, NTPC, GUVNL, and Indian Railways, providing long-term agreements for its projects. This takeover places ONGPL well to grow even bigger in India’s expanding renewable energy market, leveraging Ayana’s platform and portfolio to drive its expansion.

With India’s Net-Zero Ambitions

This acquisition aligns with ONGC and NTPC’s renewable energy ambitions of achieving net-zero emissions by 2038 and 2050, respectively. The deal aligns with India’s 500 GW renewable energy capacity by 2030 ambition, bringing its Net Zero goal forward to 2070. With the acquisition of Ayana, ONGPL enhances its role in assisting India in realizing its ambitious clean energy goals.

Alignment with India’s Green Energy Transition

NIIF has been instrumental in Ayana’s development, making it one of India’s leading renewable energy platforms. Established in 2018 by BII, Ayana expanded with funding from NIIF and Eversource Capital, diversifying into solar and wind initiatives. Ayana has achieved leading ESG ratings, demonstrating its commitment to high environmental, social, and governance principles in sustainability.

Also read: Tata Power Renewable Energy and ONGC Sign MoU to Explore BESS Opportunities

Support from Global Institutions for the Acquisition

Vinod Giri, Managing Partner, NIIF, said, “Ayana’s success reflects NIIF’s dedication to scaling sustainable infrastructure investments. This transaction unlocks value while attracting global institutional capital into India’s renewable sector. We look forward to seeing Ayana continue its growth trajectory with ONGPL.”

Deloitte Touche Tohmatsu India LLP acted as transaction advisor to ONGPL, while JSA Advocates and Solicitors offered legal advice. Standard Chartered acted as the transaction advisor and Khaitan & Co and Cyril Amarchand Mangaldas handled the deal’s legal work.

Climate Fund Managers Launches CI3 Fund for Energy Transition and Green Hydrogen

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Climate Fund Managers launches CI3, a blended finance fund focused on green hydrogen and energy transition projects, supported by €150 million initial capital.
Climate Fund Managers launches CI3, a blended finance fund focused on green hydrogen and energy transition projects, supported by €150 million initial capital.

Climate Fund Managers BV (CFM), a leading investment manager focused on blended finance for climate projects, has officially launched its new global energy transition and green hydrogen fund, Climate Investor Three (CI3). The fund aims to attract public and private sector capital, offering an equitable risk-return profile to gain access to the rapidly growing energy transition and green hydrogen markets.

CI3 has obtained an initial € 150 million capital commitment from European donors for its Development Tranche. This tranche absorbs early risks, developing target projects and unlocking larger capital volumes to create significant, scalable impacts.

Structure of the Fund

CI3 is structured as a family of funds that invest in the entire green hydrogen and energy transition value chain. The fund operates as a feeder fund, making direct investments in projects or through country-specific underlying funds.

CI3 Namibia partners with EIF and Invest International to support Namibia’s energy transition and foster its green hydrogen sector. Similarly, CI3 South Africa is a collaboration with Invest International, backed by prominent South African institutions such as Sanlam Limited, the Development Bank of Southern Africa (DBSA), and the Industrial Development Corporation (IDC). This project drives South Africa’s green hydrogen growth and energy transition, promoting sustainable development and technology adoption in both nations.

Green Hydrogen’s Role in the Energy Transition

Green hydrogen, generated by water electrolysis using renewable energy, has a significant role to play in the global energy transition. It is flexible and portable, making it suitable for decarbonizing industries that are difficult to abate like industry and transport.

Namibia and South Africa, with high-end renewable resources and low-cost production, are capable of being the leaders of the green hydrogen economy. This will not just revolutionize local industries but also propel climate-resilient economic development.

Hans Docter, co-CEO of Invest International, said, “Green hydrogen holds immense potential to drive sustainable development in emerging markets and support the global energy transition. Unlocking this potential requires the public and private sectors to work together.”

He added, “For this reason we are proud to partner with CFM in launching Climate Investor Three as a blended finance vehicle to facilitate such collaboration, enabling public sector institutions like Invest International to deploy our catalytic capital effectively, getting projects off the ground and balancing risks to mobilise private sector investment at scale.”

Also read: Chile seeks European investment for green energy transition

Blended Finance Model to Support Energy Transition Projects

The blended finance structure of Climate Fund Managers’ CI3 allows for investment at all stages of project development. The Development Tranche helps absorb early-stage risks and transforms ideas into viable projects. Additionally, private construction capital mobilizes through customized Equity Tranches, enabling investment from donors, philanthropic capital, DFIs, and institutional investors.