Indian law firm JSA Advocates & Solicitors has advised ONGC NTPC Green on its $2.3 billion acquisition of Ayana Renewable Power from National Investment and Infrastructure Fund (NIIF), British International Investment and private equity firm Eversource Capital.  

NIIF and BII were advised by Khaitan & Co, while Eversource Capital was represented by Cyril Amarchand Mangaldas. 

ONGC NTPC Green is a joint venture between state-owned Oil and Natural Gas Corporation and utility firm NTPC Green Energy. 

ARP has a portfolio of 4.1 GW of operational and under-construction assets with an expected portfolio of 10 GW by 2025. 

This is one the largest deals in India’s renewable sector, only behind Adani Green’s $3.5 billion acquisition of SB Energy in 2021. 

The JSA transaction team comprised partners Venkatesh Raman Prasad, Vishnu P. Sudarsan, Ashish Suman and Shashank Vikram Singh, and principal associate Ashwin Nayar. Competition partners Vaibhav Choukse and Ela Bali assisted on the deal. 

The Khaitan team consisted of partner Akhil Bhatnagar, principal associates Bhagirath Ashiya and Sushmita Ravi,  associates Palak Mohta and Rahul Pai. Partners Anshuman Sakle (antitrust), Sudheer Madamaiah (real estate) and Harsh Khemka (insurance) also assisted on the deal.

The CAM team representing Green Growth Equity Fund (managed by Eversource Capital) comprised partners Aditi Manchanda and Surya Srinivasan, and associates Anukriti Bhattad and Kaushik Raichura. 

The acquisition comes at a time when large power producers in India are betting big on renewables and making pledges to expand their green energy capacities. Earlier this year, JSW Energy agreed to acquire 4,696 MW renewable energy platform O2 Power from Temasek and EQT Infrastructure. Khaitan & Co, Herbert Smith Freehills, Trilegal and A&O Shearman advised on the deal.

Also in January, Waaree Energies acquired Enel Green Power India for $95 million, on which Sarthak Advocates & Solicitors and Trilegal received mandates.