NTPC (National Thermal Power Corporation Limited) and ONGC (Oil and Natural Gas Corporation Limited) have jointly placed the highest bid for a project. According to a Reuters report, the joint venture of NTPC Green Energy and ONGC Green Energy has placed the highest bid for Ayana Renewable Power.
Sources said that the joint venture of the two companies bid $650 million i.e. Rs 5,488 crore. According to reports, the joint venture surpassed JSW Energy’s bid for the renewable energy firm. However, no statement has come from NTPC, ONGC and Ayana Renewable in this matter so far.
Ayana Renewable Power operates solar and wind plants. This renewable energy firm has investments from the Quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF), the British International Investment Fund and the Green Growth Equity Fund. Its capacity is 1600 MW per annum.
NTPC-ONGC will hold a 100% stake in Ayana Renewable
Apart from this, work has started on a project of 2500 MW capacity. Now after due diligence, i.e. completion of all the proceedings, NTPC Green Energy and ONGC Green Energy together will hold a 100% stake in Ayana Renewable Power through a joint venture.
NTPC-ONGC signed an agreement for the joint venture in February
According to reports, NTPC Green Energy and ONGC Green Energy signed an agreement in February this year to start a joint venture with a 50-50 stake. The country’s big power-generating companies are currently betting big on renewables and are focusing on expanding their green energy capacity.
IPOs will come soon
The government has also set a target of increasing the renewable capacity by 500 gigawatts by the year 2030 to reduce carbon emissions. Now talking about the green units of NTPC and ONGC, both of them have planned listings.
NTPC Green Energy’s Rs 10,000 crore IPO will open on November 19-22 and the shares will be listed on November 27. At the same time, ONGC Green Energy is also preparing to bring the IPO in this financial year.
