Indian independent power producer (IPP) Inox Clean Energy, an INOXGFL Group subsidiary, has completed the acquisition of Vena Energy for INR 60 billion (US$ 627.5 million).
As per the agreement, Inox Clean has gained Vena Energy India’s renewable energy portfolio with approximately 1GW of operational capacity, 1.7GW of solar and wind and 1.2GWh of battery energy storage system (BESS) assets at advanced stages, along with an additional 2.7GW of solar and wind and 1.3GWh of BESS development pipeline.
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Following completion, Inox Clean’s operating and near-operational portfolio is expected to reach approximately 4GW, with a development pipeline exceeding 12GW of solar and wind and 2.5GWh of BESS. Moreover, Vena Energy’s entire management will transition to Inox under the acquisition.
Devansh Jain, executive director, INOXGFL Group, said, “Backed by over 20 years of leadership in renewables, a track record that is irreplaceable, we have built deep expertise and conviction in this sector. This transaction reflects how seriously we approach our acquisitions and our ability to execute at scale. As we continue to pursue growth opportunities across the energy transition landscape, this execution capability will remain a key differentiator for us.”
The acquisition was announced in June 2026, with Inox taking over Vena’s 6GW renewable energy portfolio, expanding its operating capacity and project pipeline under its ‘One Integrated’ strategy. It acquired Vena from BlackRock-owned Global Infrastructure Partners’ (GIP), marking its exit from the Indian renewable energy market.
This 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.
In May 2026, the IPP entered the US solar manufacturing market with the acquisition of 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.
Speaking to PV Tech Premium last month [subscription required], Jain said that through these acquisitions, the valuation of Inox Clean is expected to go over INR 700 billion (US$7.3 billion) and “every acquisition has been driven by a clear strategic objective.”
Inox Clean is targeting 10GW of installed renewable energy IPP capacity and 11GW of integrated solar manufacturing capacity by FY28, with projects across the globe.
