Inox Clean Energy Ltd, the renewable energy platform of the INOXGFL Group, has signed a definitive agreement to acquire the 6 GW India renewable energy portfolio of Singapore-based Vena Energy in a deal valued at almost ₹6,000 crore.
The portfolio comprises 1.2 GW of operational renewable energy assets, 1.8 GW of projects at an advanced stage of development and nearing commissioning, and an additional 3 GW of development-stage projects spread across six States — Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh and Telangana, a company spokesperson told the businessline.
The acquisition comes amid an aggressive dealmaking spree by Inox Clean Energy. In May, the company acquired the US solar manufacturing assets of Boviet Solar Technology LLC, part of China’s Boway Group, for about $750 million (around ₹7,175 crore), marking one of its largest renewable energy transactions and a major expansion into the US market. The Vena transaction is the group’s tenth strategic acquisition in the last 10 months.
“The agreement with Vena Energy India marks another defining milestone in our journey of building one of the world’s most ambitious energy transition platforms. This acquisition will be yet another important step in our strategy of building a deeply integrated clean energy platform at scale,” said Devansh Jain, Executive Director, INOXGFL Group in an official release.
Jain added that the acquisition would further strengthen synergies within the group’s renewable energy businesses. “Inox Clean Energy continues to scale its IPP portfolio and targets annual capacity additions of more than 3 GW. A significant portion of its annual execution will be executed by Inox Wind and would also translate into a massive increase in Inox Green’s portfolio,” he added.
strengthen portfolio
With the acquisition, Inox Clean’s operating and near-operational portfolio will expand to around 4 GW, while its total development pipeline will exceed 12 GW across solar, wind, hybrid and emerging clean energy opportunities.The assets come with long-term power purchase and offtake arrangements with customers including the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Ltd (GUVNL), State distribution companies and commercial and industrial consumers.
According to Akhil Jindal, Group CFO of INOXGFL Group, the Vena acquisition strengthens both the scale and quality of the company’s renewable energy portfolio. “This acquisition shall highly complement our existing renewable energy portfolio and significantly strengthen the scale, quality and visibility of our cash flows. The 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,” Jindal stated.
The group said it has committed investments exceeding ₹50,000 crore over the past year across renewable power generation and solar manufacturing businesses spanning India, the US and Africa. Inox Clean currently operates through its renewable independent power producer (IPP) platform under Inox Neo and its solar manufacturing business under Inox Solar. The company is targeting 10 GW of installed renewable energy generation capacity and 11 GW of integrated solar manufacturing capacity by FY28.