Inox Clean Energy Limited (Inox Clean), a part of the INOXGFL Group and one of India’s fastest-growing integrated energy transition platforms, today announced that it has entered into a definitive agreement to acquire Vena Energy India’s (Vena) 6 GW renewable energy portfolio.
Vena’s portfolio comprises of 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 developmental-stage projects. The portfolio includes long-term power offtake arrangements with marquee clientele including Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), as well as a diversified mix of commercial & industrial (C&I) consumers and state distribution companies.
The addition further strengthens Inox Clean Energy’s position as one of the most diversified renewable energy platforms in the country. Following the transaction, the company’s operating and near-operational portfolio will expand to approximately 4 GW, while its total development pipeline will exceed 12 GW across solar, wind, hybrid and emerging clean energy opportunities.
Inox Clean has built a strong pipeline of utility-scale renewable energy projects and continues to expand its footprint. Its solar module manufacturing capacity stands at approximately 6 GW (3 GW in India and 3 GW in the U.S.), with two additional solar cell manufacturing facilities—a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the U.S.—expected to be commissioned by December 2026. Additionally, its current IPP portfolio stands at approximately 4 GW, supported by a robust 12 GW project development pipeline.
Over the last ten months, Inox Clean Energy has completed ten strategic acquisitions across renewable power generation and solar manufacturing, strengthening its presence across India and global markets while building a fully integrated clean energy platform spanning the entire renewable energy value chain. Some of the acquisition include, US-based Boviet Solar’s manufacturing assets for USD 750 million, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy, and CalPERS backed SkyPower, including its Africa business.
Commenting on the occasion, Mr Devansh Jain, Executive Director, INOXGFL Group, said, “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. Today, as INOXGFL Group adopts ‘One Integrated’ strategy, enhancing presence across the renewables value chain, all of 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 3 GW, 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.”
Adding further, Mr Akhil Jindal, Group CFO, INOXGFL Group, said, “This acquisition shall highly complement our existing renewable energy portfolio and significantly strengthens the scale, quality and visibility of our cash flows. 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. Over the past year, the INOXGFL Group has committed investments of over ₹50,000 crore across renewable power generation and solar manufacturing platforms spanning India, the United States and Africa. These investments have been guided by a clear vision of building a globally competitive clean energy platform with leadership positions across key segments of the energy transition value chain.”
