ONGC-NTPC Green Sees Revenue Accretion Of Rs 3,800 Crore From Ayana Acquisition By FY27

There is an additional 1.7 GW capacity with Ayana that is in the pipeline. The projects have the land and grid connectivity but have not yet signed firm long-term agreements, according to an official with knowledge of the matter.

Total investments, including equity and debt upon completion of the under-construction projects, will be around Rs 27,000 crore. The investments for the 1 GW pipeline project that is expected in the next fiscal will be additional Rs 7,000–8,000 crore, he told NDTV Profit on the condition of anonymity.

Full contribution of around Rs 3,200 crore in earnings before interest, taxes, depreciation and amortisation will be from fiscal 2027. After that, total revenue generation from Ayana alone will be around Rs 3,800 crore, the official said.

The revenue and investment share will be equally divided between the joint venture partners.

On Feb. 12, the JV announced acquisition of Ayana for $2.3 billion from National Investment and Infrastructure Fund, British International Investment Plc and its subsidiaries, and Eversource Capital, the owners of Ayana. The project capacity of 4.1 GW already has off-takers, such as Solar Energy Corp., NTPC, Gujarat Urja Vikas Nigam Ltd. and Indian Railways. 

The deal aligns with the joint venture partners' goal of becoming net zero by 2038 and 2050 respectively. ONGC Green aims to have 10 GW of green capacity by 2030 and NTPC Green has a target of achieving 60 GW of green capacity by 2032.