JSA advised ONGC and ONGC Green Limited (OGL) in the proposed acquisition of 100% stake of PTC India Limited in PTC Energy Limited (PEL). PEL operates 7 wind power projects with an aggregate capacity of 288.80 MW. OGL was incorporated recently as wholly owned subsidiary of ONGC, for housing renewable energy projects in line with ONGC's initiatives in renewable energy domain to achieve its Net Zero Target (Scope 1 & 2) by 2038. This transaction is one of the first projects undertaken by ONGC for acquisition of renewable energy projects. The transaction is subject to completion of customary conditions precedent and completion actions.
JSA advised ONGC in (i) negotiating and finalizing the transaction documents, and (ii) due diligence of PEL's renewable energy portfolio including advising ONGC on strategic risk mitigation measures to address project development and regulatory aspects associated with the wind assets spread across Andhra Pradesh (AP), Madhya Pradesh (MP) and Karnataka, totalling up to wind generation capacity of 288.80 MW spread over 157 Wind Turbine Generators.
Deal value: USD 111.18 million
Our Transaction Team Comprised Partners – Venkatesh Raman Prasad, Vishnu Sudarsan, Ashish Suman, and Shashank Vikram Singh, Principal Associate – Ashwin Nayar, Senior Associates – Ayan Sinha and Jatin Talwar, Associate – Asmita Maan, Ravneet Gill, Samrat Chakraborty and Shruti Maheshwari.
Our Competition Team Comprised Partner – Vaibhav Choukse and Principal Associate – Nripi Jolly