Indian independent power producer (IPP) Inox Clean Energy, an INOXGFL Group subsidiary, has acquired Vena Energy India’s 6GW renewable energy portfolio, expanding its operating capacity and project pipeline.
Vena Energy’s portfolio includes around 1GW of operational renewable capacity, 1.7GW of solar and wind projects under advanced development and a further 2.7GW pipeline across solar and wind. The platform also comprises approximately 1.2GWh of battery energy storage systems (BESS) in advanced stages and 1.3GWh in the wider development pipeline.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Following the acquisition, Inox Clean’s operational and near-operational portfolio will increase to around 4GW, while its development pipeline will exceed 12GW across solar, wind and hybrid projects.
Devansh Jain, executive director, INOXGFL Group, said, “As INOXGFL Group adopts ‘One Integrated’ strategy, enhancing presence across the renewables value chain, all our group entities supplement each other’s growth. Inox Clean Energy continues to scale its IPP portfolio and targets annual capacity additions of more than 3GW, a significant portion of its annual execution will be executed by Inox Wind and would also translate into massive increase in Inox Green’s portfolio.”
The deal marks BlackRock-owned Global Infrastructure Partners’ exit from the Indian renewable energy market. The transaction has been valued at approximately INR50 billion (US$585 million).
The acquired assets are backed by long-term power purchase agreements (PPAs) with offtakers including the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), state distribution companies and commercial and industrial (C&I) customers. Vena was advised on the transaction by Morgan Stanley and MUFG.
“Vena portfolio comprises a balanced mix of operational assets, near-term commissioning opportunities and a substantial developmental pipeline, providing both immediate earnings contribution and long-term growth potential,” added Akhil Jindal, Group CFO, INOXGFL Group.
The transaction marks Inox Clean’s tenth acquisition in the past ten months as the company continues to expand its renewable energy portfolio in India. The company is targeting 10GW of installed IPP capacity and 11GW of integrated solar manufacturing capacity by fiscal year 2028.
The acquisition is the latest in a series of deals by Inox Clean Energy, which has completed several acquisitions, expanding its renewable energy and solar manufacturing portfolio.
Last month, the company acquired US solar manufacturer Boviet Solar Technology in a deal valued at approximately US$750 million, gaining access to 3GW of solar module manufacturing capacity in the US. The transaction also included an agreement for a further 3GW of solar cell manufacturing capacity, which is expected to come online by the end of 2026.
In a separate transaction, Inox acquired Macquarie-owned Vibrant Energy in a INR50 billion (US$535 million) transaction, adding 1,337MW of commercial and industrial renewable energy assets across India.
Additionally, the company entered the African renewables market earlier this year through a joint venture with RJ Corp, acquiring Skypower Services MENA and targeting an initial portfolio of around 570MW.
Prior to this, Inox acquired a 300MW operational solar portfolio from SunSource Energy. The assets, spread across 13 Indian states, are backed by long-term PPAs with C&I customers.
