A company formed by NTPC Green Energy and ONGC Green Energy has made the highest bid of around $650 million for Ayana Renewable Power, surpassing JSW Energy's bid, according to sources familiar with the transaction.
Ayana Renewable Power, which is supported by the National Investment and Infrastructure Fund, British International Investment Fund, and Green Growth Equity Fund, operates solar and wind energy plants in India that generate 1,600 megawatts of power, with an additional 2,500 megawatts under construction.
The joint venture partners have conducted a thorough due diligence process and have decided to acquire a 100% stake in Ayana Renewable Power through their newly established company.