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- Ayana Renewable Power
Ayana Renewable Power Acquisition, Valuation, Funding & Investors
Ayana Renewable Power was acquired by ONGC for $2.3B in February 2025.
Cumulative funding Ayana Renewable Power raised
$720M
across 2 funding rounds
Key investors in Ayana Renewable Power
British International Investment
EverSource Capital
NIIF
About Ayana Renewable Power
Ayana Renewable Power is a Bangalore-headquartered independent power producer developing utility-scale solar and wind projects across India. Established in 2018 with backing from International Finance Corporation and Goldman Sachs, the company operates a portfolio exceeding 1 gigawatt including facilities in Rajasthan and Karnataka. Ayana supplies clean energy under long-term power purchase agreements to utilities and commercial clients.
Founded
2017
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$2.3B (acquired Feb 2025)
Sectors
Ayana Renewable Power Acquisition
Ayana Renewable Power was acquired by ONGC for $2.3B on 13 February 2025.
Before the acquisition Ayana Renewable Power had raised $720M across 2 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 13 Feb 2025 | Strategic M&A | $2.3B |
Ayana Renewable Power Funding History
Ayana Renewable Power has raised a total of $720M across 2 funding rounds.
Ayana Renewable Power's first fundraising round was a $330M undisclosed-stage round in February 2019. The most recent completed round was a $390M undisclosed-stage round in December 2020.
Ayana Renewable Power funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2020 | Undisclosed stage | NIIF (lead); EverSource Capital; British International Investment | $390M | Ayana Renewable Power, founded in 2018 by CDC Group (now BII), is an Indian renewable energy platform developing utility-scale solar and wind projects to support India's clean energy goals and reduce carbon emissions in line with UN Sustainable Development Goals. The company had 1.14 GW of solar capacity under development or operation across multiple states and a strong pipeline at the time of the December 2020 funding. In this round on December 17-18, 2020, Ayana raised $390 million in fresh equity funding: $284 million from NIIF (lead investor via its master fund), $70 million from CDC Group (British International Investment), and $36 million from EverSource Capital-managed Green Growth Equity Fund (GGEF), bringing total equity funding to $721 million. The transaction positioned NIIF as the majority shareholder, subject to final approvals, with the capital aimed at scaling the portfolio to over 4 GW within two years. The funding leveraged complementary strengths from NIIF, CDC/BII, and GGEF, emphasizing governance, compliance, and execution track record to deliver stable returns amid India's renewable targets of 175 GW by 2022 and 450 GW by 2030. Ayana's management was highlighted for its success in renewable projects, positioning it as a key player in combating climate change and expanding affordable renewable energy access across states. |
| Feb 2019 | Undisclosed stage | British International Investment (lead); EverSource Capital (lead); NIIF (lead) | $330M | Ayana Renewable Power Private Limited, launched by British International Investment (BII, formerly CDC Group) in 2018, is a Bangalore-based renewable energy platform developing solar, wind, and round-the-clock (RTC) projects across India to address climate change in line with UN sustainable development goals. In 2019, around February 28, it secured approximately $330 million in a Series A funding round from NIIF, BII, and Eversource Capital, with sources confirming investments from these exact investors matching the query details. This followed BII's divestment of its initial 51% stake earlier in 2019, acquired equally by NIIF and others, enabling portfolio expansion. The 2019 round supported Ayana's growth in India's renewable sector, building execution capabilities and aligning with government clean energy ambitions. A subsequent Series B round on December 18, 2020, raised $390 million from the same investors—BII ($70M), NIIF ($284M), and Eversource ($36M)—bringing total funding to $721 million and positioning NIIF as the majority stakeholder. This capital aimed to scale the portfolio to over 4 GW within two years, focusing on high-credit off-takers like SECI, NTPC, GUVNL, and Indian Railways. Ayana grew to approximately 4.1 GW of operational and under-construction wind and solar assets, plus a 1 GW development pipeline, earning top ESG ratings (first in Asia per ISS ESG). In February 2025, ONGPL (ONGC-NTPC joint venture) agreed to acquire 100% equity for an enterprise value of $2.3 billion (INR 195 billion), marking an exit for NIIF (majority), BII, and Eversource after mobilizing over $1 billion. |
Who has invested in Ayana Renewable Power?
3 investors have backed Ayana Renewable Power across its funding rounds, including British International Investment, EverSource Capital and NIIF.
Lead investors include NIIF, British International Investment and EverSource Capital.
Ayana Renewable Power Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Feb 2019 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAyana Renewable Power Competitors
Ayana Renewable Power competitors include listed companies like Verbio, Xinyi Solar, Auren Energia and Renewables Infrastructure Group, and private ones like Enel Green Power Hellas and Montana Renewables.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.8B | ($59M) | $2.3B | 1.2x | ||
| Publicly listed | $3.1B | $544M | $2.3B | 1.6x | ||
| Private | - | - | $2.3B | - | ||
| Private | - | - | $2.3B | - | ||
| Publicly listed | $2.6B | $673M | $2.4B | 2.9x | ||
| Publicly listed | ($167M) | $344M | $2.4B | 12.4x |
Ayana Renewable Power Public Comps
Ayana Renewable Power is no longer listed, but its public comps include Verbio, Xinyi Solar, Auren Energia, SolarEdge, Renewables Infrastructure Group, SMA Solar Technology, Andersons, Cadeler, GCL System Integration and Pertamina Geothermal.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.8B | ($59M) | 1.4x | 1.2x | (41.7x) | 11.1x | |||
| $3.1B | $544M | 1.3x | 1.6x | 7.7x | 8.5x | |||
| $2.6B | $673M | 2.5x | 2.9x | 9.7x | 10.2x | |||
| $1.2B | ($365M) | 1.8x | 1.6x | (5.7x) | (86.7x) | |||
| ($167M) | $344M | (14.3x) | 12.4x | 6.9x | - | |||
| $1.7B | ($77M) | 1.2x | 1.1x | (26.4x) | 14.3x | |||
| $11B | $315M | 0.3x | 0.3x | 10.5x | 8.0x | |||
| $714M | $479M | 5.8x | 4.2x | 8.7x | 7.7x | |||
This data is available for Pro users. Sign up to see all Ayana Renewable Power competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Ayana Renewable Power
| When was Ayana Renewable Power founded? | Ayana Renewable Power was founded in 2017. |
| Where is Ayana Renewable Power headquartered? | Ayana Renewable Power is headquartered in Bangalore, India. |
| Is Ayana Renewable Power publicly listed? | No, Ayana Renewable Power was acquired by ONGC in February 2025. |
| Who acquired Ayana Renewable Power? | Ayana Renewable Power was acquired by ONGC in February 2025. |
| How much was Ayana Renewable Power acquired for? | Ayana Renewable Power was acquired for $2.3B in February 2025. |
| How much funding has Ayana Renewable Power raised? | Ayana Renewable Power has raised $720M across 2 funding rounds. |
| What was Ayana Renewable Power's last funding round? | Ayana Renewable Power's last funding round was a $390M undisclosed-stage round in December 2020, led by NIIF. |
| Who are Ayana Renewable Power's investors? | Ayana Renewable Power's investors include EverSource Capital, NIIF and British International Investment. |
| Which companies are comparable to Ayana Renewable Power? | Companies comparable to Ayana Renewable Power include Verbio, Xinyi Solar, Enel Green Power Hellas, Montana Renewables, Auren Energia and Renewables Infrastructure Group. |
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