A joint venture between India’s NTPC Green Energy and ONGC Green Energy was reported as the highest bidder for Ayana Renewable Power, having bid approximately $ 650 million, according to two individuals involved in the deal who spoke to Reuters.

The joint venture outbid JSW Energy for the renewable energy firm, which is backed by the quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF).

Ayana Renewable Power, owned by NIIF, British International Investment Fund, and Green Growth Equity Fund, operates solar and wind plants generating 1,600 megawatts in India, with another 2,500 megawatts in projects under construction.

One of the sources shared that after due diligence, NTPC Green Energy and ONGC Green Energy had jointly decided to acquire a 100% stake in Ayana Renewable Power through their joint venture company.

NTPC, ONGC, and Ayana Renewable Power did not immediately respond to Reuters' inquiries.

NTPC Green Energy and ONGC Green Energy had signed an agreement in February of this year to form an equal joint venture.

Large power producers in India are significantly investing in renewables and have made commitments to expand their green energy capacities. The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.

NTPC Green Energy, a subsidiary of the state-owned NTPC, is aiming for a valuation of up to $10.8 billion in an initial public offering (IPO) next week, which is expected to be India’s third-largest IPO of the year.