Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power
NTPC Green Energy to bid for National Investment and Infrastructure Fund-owned Ayana Renewable Power, according to people aware of the matter. They said ONGC and NTPC Green Energy may explore a joint offer or the former could bid solo.
Ayana’s enterprise value has been pegged at about $2 billion. JSW Neo Energy, Sekura Energy, Masdar, Macquarie and Sembcorp have submitted non-binding offers to acquire a controlling stake in the Bengaluru-headquartered renewable energy company, ET had first reported on May 4. NIIF will draw up a shortlist of bidders over the next few weeks after which they will be allowed to conduct detailed due diligence on the company and submit binding offers, ET had reported.
ONGC formed a new company in February to house its green energy investments. ONGC Green will invest in wind and solar power plants as well as green hydrogen and green ammonia. NTPC Green, which was carved out of listed NTPC two years ago, has announced plans for an initial public offering (IPO).
Operational Capacity of 1.3 GW
ONGC and NTPC Green have a joint venture for developing offshore wind energy projects. ONGC and NTPC didn’t respond to queries.
NIIF owns a 51% stake in Ayana Renewable Power while British International Investment (formerly known as CDC Group) owns 32%. The Green Growth Equity fund of Eversource Capital owns 17%.
Ayana’s three co-investors led by NIIF have collectively pumped in $721 million as equity funding. It’s estimated that the company’s debt could be in the region of $1.2 billion, taking
