More than 20 renewable assets are in the market to raise capital, but not all will manage to find investors due to oversupply and valuation mismatches. ReNew Energy, Macquarie Group s Stride, Ayana Renewable, Fortum and O2 Power are among firms seeking investments or an outright sale
Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.
Oil and Natural Gas Corp (ONGC) is in talks to form a consortium with NTPC Green Energy to bid for National Investment and Infrastructure Fund-owned Ayana Renewable Power, according to people aware of the matter.
The bids were submitted after allowing time to the suitors to conduct a limited due diligence that included access to some data and confidential financial information. As the next step, NIIF will communicate a shortlist of suitors over the next few weeks after which two or at best three will be allowed to conduct detailed due diligence, according to the sources.