Inox Clean Energy Limited (“Inox Clean”), part of the INOXGFL Group and one of India’s fastest-growing integrated energy transition platforms, announced that, through its subsidiary Inox Neo, it has entered into a definitive agreement with Vena Group to acquire 100% of the equity interests in Vena Energy India Holdings Pte Ltd (“Vena Energy India”), Vena Group’s India renewable energy platform.
The transaction is subject to customary closing conditions and applicable approvals.
Vena Energy India comprises approximately 1 GW of operational capacity, 1.7 GW (solar and wind) and 1.2 GWh (BESS) of advanced-stage assets, additional 2.7 GW (solar and wind) and 1.3 GWh (BESS) of development pipeline. The platform also includes an experienced team of approximately 80 employees with deep development, commercial, operational and technical capabilities across the Indian renewable energy market.
The portfolio includes long-term power offtake arrangements with leading public-sector and commercial customers, including Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers, and state distribution companies.
The addition of Vena Energy India’s platform further strengthens Inox Clean Energy’s position as one of the most diversified renewable energy platforms in the country. Upon completion of the transaction, Inox Clean’s operating and near-operational portfolio is expected to expand to approximately 4 GW, while its total development pipeline will exceed 12 GW (solar and wind) and 2.5 GWh (BESS).
Over the last ten months, Inox Clean Energy has announced or completed a series of 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 renewable energy value chain. These include the acquisition of 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 transaction, Mr Devansh Jain, Executive Director, INOXGFL Group, said: “The agreement with Vena Group marks another defining milestone in our journey of building one of the world’s most ambitious energy transition platforms. In less than a year, we have executed a series of strategic acquisitions across renewable generation and solar manufacturing, creating a fully integrated clean energy ecosystem with global capabilities. This transaction substantially enhances our scale and adds high-quality operating assets, an experienced team, a strong customer base and a significant future pipeline. We remain committed to accelerating India’s clean energy ambitions while creating long-term value for all stakeholders.”
Adding further, Mr Akhil Jindal, Group CFO, INOXGFL Group, said: “This acquisition will strongly complement our existing renewable energy portfolio and significantly strengthen the scale, quality and visibility of our cash flows. The Vena Energy India platform comprises a balanced mix of operational assets, near-term commissioning opportunities and a substantial development pipeline, supported by an experienced team with strong execution capabilities. Together with our recent acquisitions, it positions Inox Clean Energy among the fastest-scaling renewable energy platforms in India, with a robust operating base and a significant pipeline for future growth.”
Commenting on the transaction, Nitin Apte, Chief Executive Officer of Vena Group, said: “Vena Energy India has been built over many years by a committed local team, together with our customers, communities and partners. We are proud of the high-quality renewable energy platform that the team has created. Following our review of strategic options for India, we believe Inox Clean Energy will be a strong new owner for the business following completion and is well positioned to support its next phase of growth. We are grateful to our employees, partners, customers and communities in India for their dedication and support, and we look forward to seeing the platform continue to contribute to India’s energy transition.”
Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, said: “This transaction reflects Vena Group’s disciplined approach to portfolio management and capital allocation. Vena Energy India combines high-quality renewable energy assets, a substantial development pipeline, long-term customer relationships and an experienced team. Under Inox Clean Energy’s ownership, the platform will be well placed to continue its growth in India, while Vena Group focuses its resources on the next phase of growth across its strategies, including renewable energy, storage, digital infrastructure and integrated green solutions. Vena Group remains committed to accelerating the energy and digital infrastructure transition across Asia-Pacific, while supporting the energy independence and decarbonisation ambitions of our customers and communities.”
Morgan Stanley and MUFG acted as financial advisers to Vena Group in connection with the transaction.
