M&A continues to be a key trend within the renewable energy sector. Energy majors supported by deep-pocketed investors opt for both organic and inorganic routes to expand their portfolios. In return, sellers fetch good value for their renewable energy assets, which continue to be in high demand.
In fact, the last few months witnessed significant deal activity. On December 27, 2024, JSW Neo Energy Limited signed an agreement to acquire O2 Power’s 4,696 MW platform from O2 Power Pooling Pte Limited from EQT Infrastructure and Temasek. These acquired projects offer multifold synergies for JSW including secured revenues through long-term power purchase agreements (PPAs) and expansion of commercial and industrial project portfolio.
As India’s renewable energy sector becomes more mature, even PSUs have entered in the competition for acquiring high quality assets. Case in point, in February 2025, ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited and NTPC Green Energy Limited, signed a share purchase agreement to acquire a 100 per cent equity stake in Ayana Renewable Power. This is one of the largest acquisitions in India’s renewable energy sector and the large established renewable energy platform will help both PSUs to meet their decarbonisation targets.
In another recent development, Brookfield Asset Management and its affiliates (Brookfield) announced the sale of a 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India in a two-phase transaction. With this, the first phase, involving the sale of 1 GW of operational assets, has been successfully completed.
These large portfolio sales signal continued consolidation within India’s renewable energy industry and the demand for high quality assets amongst both private as well as public sector players. This deal activity is likely to continue as companies move aggressively to expand their capacities to meet their renewable energy targets.
