Inox Clean Energy expands portfolio with acquisition of Vena Energy India

Vena Energy India includes about 1 GW of operational capacity.

Inox Clean Energy Limited, part of the INOXGFL Group, has announced that through its subsidiary Inox Neo it has entered into a definitive agreement with Vena Group to acquire 100% equity interest in Vena Energy India Holdings Pte Ltd, the group’s renewable energy platform in India.

Vena Energy India includes about 1 GW of operational capacity, 1.7 GW of solar and wind assets in advanced development, 1.2 GWh of BESS, an additional 2.7 GW solar and wind pipeline, and 1.3 GWh of BESS pipeline, along with a team of around 80 employees with development, technical, operational, and commercial expertise in India’s renewable energy sector.

The portfolio has long-term power purchase agreements with Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), state distribution companies, and commercial and industrial customers, providing stable offtake visibility.

Upon completion of the transaction, the company’s operational and near-operational portfolio is expected to expand to approximately 4 GW, whilst its total development pipeline is projected to exceed 12 GW of solar and wind capacity along with more than 2.5 GWh of battery energy storage systems.

The transaction is subject to customary closing conditions and applicable regulatory approvals.