India’s renewable energy sector is experiencing a seismic shift in how investments are being made. While traditional project-level acquisitions still occur, a new dominant strategy has emerged: platform plays. These large-scale acquisitions of entire renewable energy companies with substantial operational portfolios and development pipelines are reshaping the M&A landscape and accelerating India’s clean energy transition.
The Platform Play Phenomenon
Platform acquisitions involve buying entire renewable energy development companies rather than individual projects. Unlike single-asset transactions, these deals provide immediate access to gigawatt-scale operational capacity, under-construction projects, experienced management teams, and extensive development pipelines. The strategy offers a rapid pathway to scale that would take years to achieve through organic growth.
Recent mega-deals illustrate this trend’s magnitude. In February 2025, ONGC NTPC Green Private Limited acquired Ayana Renewable Power for $2.3 billion, instantly gaining a 4.1 GW portfolio of operational and under-construction assets. Just months earlier, JSW Neo Energy purchased the 4.7 GW O2 Power platform from EQT and Temasek for $1.5 billion. These transactions represent a fundamental shift in how India’s energy giants are approaching the renewable sector.
Why Platform Plays Dominate
Several compelling factors explain why platform acquisitions have become the preferred strategy in India’s renewable M&A market.
Speed to Scale: India has committed to ambitious renewable energy targets, pledging 500 GW of non-fossil fuel capacity by 2030 and net-zero emissions by 2070. Traditional project development is time-intensive, requiring years of site identification, permitting, financing, and construction. Platform acquisitions provide instant gigawatt-scale capacity, allowing acquirers to make substantial progress toward national targets overnight. For state-owned enterprises like ONGC and NTPC, diversifying from fossil fuels to renewables at the required pace demands this accelerated approach.
Access to Development Expertise: Building a renewable energy business from scratch requires specialized knowledge in project development, regulatory navigation, land acquisition, and grid connectivity. Established platforms come with experienced teams who have successfully executed projects and understand India’s complex regulatory environment. This human capital transfer is often as valuable as the physical assets themselves.
De-risked Project Pipelines: Platform companies typically maintain substantial development pipelines beyond their operational assets. Ayana Renewable Power, for instance, had approximately 1 GW in its development pipeline alongside its 4.1 GW of operational and under-construction projects. These pipeline projects have already cleared early-stage hurdles like site selection, preliminary permits, and feasibility studies, significantly reducing execution risk compared to greenfield development.
Favorable Market Conditions: India’s renewable sector has matured to produce several high-quality platform companies with proven track records. Companies like O2 Power, which grew from a greenfield startup in 2020 to a 4.7 GW platform by 2024, demonstrate the sector’s rapid scaling potential. Private equity investors who built these platforms are now seeking exits, creating attractive acquisition opportunities for strategic buyers with long-term capital.
Competitive Returns Environment: The renewable project market has become increasingly competitive, with infrastructure funds driving down implied returns on individual project acquisitions. Platform acquisitions, while commanding premium valuations, offer potentially higher returns through operational improvements, pipeline development, and scale efficiencies that pure project plays cannot match.
The Strategic Buyers
India’s platform acquisition wave is being driven primarily by three types of strategic buyers, each with distinct motivations.
Large state-owned enterprises from traditional energy sectors are leading the charge. ONGC, India’s oil and gas giant, and NTPC, the country’s largest power utility, formed a joint venture specifically to acquire renewable platforms. These companies face mounting pressure to diversify their portfolios and achieve net-zero targets (ONGC by 2038, NTPC by 2050). Platform acquisitions provide the scale and speed necessary to credibly transition their businesses while leveraging their substantial balance sheets and government backing.
Indian conglomerates are aggressively expanding their renewable footprints. JSW Energy’s acquisition of O2 Power exemplifies how industrial groups are building renewable capacity to power their operations and create new revenue streams. These strategic acquirers view renewable platforms as long-term infrastructure investments aligned with India’s economic trajectory.
Private equity and infrastructure funds continue to play crucial roles, though increasingly as sellers rather than buyers in platform deals. Having built companies like Ayana and O2 Power over several years, these investors are now achieving exits at attractive valuations. The cycle continues as they redeploy capital into earlier-stage platforms or project portfolios, maintaining the ecosystem’s vitality.
India’s Unique Market Dynamics
Several India-specific factors make platform plays particularly attractive in this market compared to other geographies.
Government policy support remains robust despite global uncertainties. India achieved 50% of its installed electricity capacity from non-fossil fuel sources by mid-2025, five years ahead of schedule. The government continues issuing large-scale renewable auctions through the Solar Energy Corporation of India, providing visibility for platform companies’ growth prospects. Foreign direct investment in renewable energy surged from 1% of total FDI in FY21 to 8% in FY25, reflecting growing global investor confidence.
Grid connectivity and land acquisition challenges in India make existing operational assets particularly valuable. Companies that have successfully navigated these complexities possess significant competitive advantages. Platform acquisitions allow buyers to bypass these bottlenecks entirely.
The quality of underlying contracts strengthens platform values. Major platforms like Ayana have portfolios contracted with high-credit-rated off-takers including the Solar Energy Corporation of India, NTPC, Gujarat Urja Vikas Nigam Limited, and Indian Railways. These long-term power purchase agreements provide revenue certainty that justifies premium valuations.
The Road Ahead
Platform M&A activity in India’s renewable sector shows no signs of slowing. With India targeting 500 GW of renewable capacity by 2030 from the current 250 GW, substantial investment is required. The gap represents one of the world’s largest renewable energy opportunities.
Several trends will shape future platform deals. Energy storage integration is becoming critical as platforms increasingly include battery energy storage systems alongside solar and wind assets to provide round-the-clock power. Hybrid models combining multiple technologies are gaining traction with off-takers seeking stable power supply.
Valuation dynamics may shift as the pool of available platforms diminishes. The most marquee independent developers have been acquired, potentially slowing platform activity or directing it toward smaller, specialized developers in distributed energy, community solar, or specific technology segments like energy storage.
New platform builders are emerging to fill the void. The success of companies like O2 Power, which was established in 2020 and sold just four years later at substantial value, demonstrates the attractive economics of building renewable platforms for eventual sale. This creates a sustainable cycle where private equity continues developing new platforms while strategic buyers provide exit liquidity.
India’s Renewable M&A Track Record: 20+ Major Acquisitions
The platform play dominance in India’s renewable sector didn’t emerge overnight. It has been built on a foundation of increasingly sophisticated M&A activity over the past decade. Here are over 20 significant acquisitions that have shaped the market:
Mega Platform Deals (Over $1 Billion)
- ONGC-NTPC acquires Ayana Renewable Power (2025) – $2.3 billion for 4.1 GW portfolio
- JSW Neo Energy acquires O2 Power (2024) – $1.5 billion for 4.7 GW platform
- Brookfield sells to Gentari Renewables India (2025) – 1.6 GW portfolio of solar and wind assets
- ReNew Power acquires Ostro Energy (2018) – $1.66 billion for 1,100 MW, India’s largest renewable deal at the time
- Adani Green acquires SB Energy Holdings (2021) – $3.5 billion for 5 GW portfolio, India’s largest renewable acquisition to date
- Tata Power acquires Welspun Renewable Energy (2016) – $1.4 billion for 1,010 MW, largest renewable acquisition at that time
Mid-Size Platform Acquisitions ($100 Million – $1 Billion)
- Greenko acquires Orange Renewable (2019) – $1 billion for 1,000 MW portfolio
- Greenko acquires SunEdison India assets (2017) – $392 million for 587 MW of wind and solar projects
- Hexa Climate Solutions acquires Fortum India (2024) – 206 MW operational portfolio plus 600 MW pipeline, with $500 million investment commitment
- Gentari acquires Fortum’s 185 MW solar portfolio (2024) – Partial acquisition before complete exit
- Actis acquires Bhoruka Power (2018) – $414 million for 321 MW of renewable assets
Strategic Project-Level Acquisitions
- ReNew Power acquires KCT Renewable Energy (2017) – $155 million for 103 MW wind projects
- ReNew Power acquires Indian Energy Limited (2018) – $5.5 million for 41.3 MW wind projects
- Adani Green acquires Essel Group solar plants (2021) – 205 MW solar capacity
- Adani Green acquires Sterling & Wilson solar assets (2021) – 75 MW solar plants
- Adani Green acquires SkyPower Global projects (2021) – 50 MW solar capacity
- Adani Green acquires Hindustan Power projects (2021) – 20 MW solar plant
- Tata Power acquires OPG Power Ventures portfolio (2024) – 62 MW solar assets in Karnataka
- AM Green acquires 17.5% stake in Greenko Energy from ORIX (2025) – $1.3 billion stake acquisition for upstream integration
Development Pipeline Acquisitions
- Hero Future Energies and Greenko – Both companies have been active acquirers, competing for platforms like Orange Renewable
- Multiple captive power acquisitions – Various industrial groups acquiring renewable assets to power their operations
- International investor exits – Fortum, Brookfield, and other international players monetizing portfolios
Emerging Trends in Recent Deals
Recent transactions reveal several patterns. First, valuations have remained relatively stable at $1-1.4 million per MW despite falling tariffs, reflecting the premium on operational assets with long-term PPAs. Second, state-owned enterprises are becoming dominant buyers, with ONGC, NTPC, and their joint ventures leading mega-acquisitions. Third, international investors like Brookfield and Fortum are beginning exit cycles, selling to regional players backed by sovereign wealth or private equity.
The acquisition spree has consolidated market share among a handful of mega-players. Adani Green Energy, ReNew Power, Tata Power Renewable Energy, Greenko, and JSW Energy now control the majority of India’s utility-scale renewable capacity through these strategic acquisitions. For smaller developers, this creates a clear path: build quality portfolios and position for acquisition by strategic buyers seeking rapid scale.
Conclusion
Platform plays have become the dominant M&A strategy in India’s renewable sector because they uniquely address the scale, speed, and expertise requirements of the country’s energy transition. For traditional energy companies diversifying into renewables, industrial conglomerates securing their power needs, and financial investors seeking attractive returns, platform acquisitions offer a comprehensive solution that individual project deals cannot match.
The track record of over 20 major acquisitions demonstrates a maturing market where consolidation has become the norm. From Tata Power’s pioneering $1.4 billion Welspun acquisition in 2016 to Adani Green’s record-breaking $3.5 billion SB Energy deal in 2021, and the recent mega-transactions by ONGC-NTPC and JSW, the trend is clear: bigger platforms commanding bigger valuations.
As India pursues its ambitious clean energy targets, platform M&A will remain central to mobilizing the capital, talent, and infrastructure necessary for success. The marriage of strategic buyers with long-term capital and private equity-built platforms with proven execution capabilities has created a powerful engine driving India’s renewable revolution. With billions in deals already executed and India’s installed renewable capacity needing to more than double by 2030, the platform play strategy is not just dominating current M&A activity; it is fundamentally reshaping how India’s energy future will be built.