ONGC Approves ₹3,300 Crore for Green Energy Expansion

26 Mar 2025 , 01:55 PM

Oil and Natural Gas Corporation Ltd (ONGC) has approved an investment of ₹3,300 crore in its wholly owned subsidiary ONGC Green Limited (OGL). The investment will be carried out via a rights issue that will allow for a 100% acquisition of equity in Ayana Renewable Power Private Limited

The shareholding will be through ONGC NTPC Green Private Limited (ONGPL), a 50:50 venture between OGL and NTPC Green Energy Limited (NGEL).

Ayana Renewable Power is an integrated renewable energy platform with an operational and under-construction portfolio of 4.1 GW across key resource-rich states. The company has power purchase agreements with high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.

ONGC’s board has also cleared ₹4,920 crore of related party transactions for its Mozambique LNG project. ONGC Videsh (OVL) will invest as much as ₹1,500 crore in Beas Rovuma Energy Mozambique Limited (BREML), which will be converted into redeemable preference shares.

OVL Overseas IFSC Ltd. (OOIL) will provide a $379.3 million (₹3,270 crore) senior loan sponsorship to Mozambique LNG1 Financing Company Ltd, which is part of the Area 1 Mozambique LNG Project. ONGC has extended a corporate guarantee of $379.3 million (₹3,270 crore) to MozLNG1 to support project financing.