Inox Clean Energy completes Vena Energy India buy

The INR6,000-crore deal will lift its portfolio to about 4GW.

India’s Inox Clean Energy Limited completed the acquisition of Vena Energy India Holdings Pte Ltd, with a total transaction value of INR6,000 crore funded through internal equity and refinancing.

This will bring Inox Clean’s operating and near-operational portfolio to approximately 4 gigawatts (GW), with a development pipeline exceeding 12 GW of solar and wind and 2.5 gigawatt-hours (GWh) of battery energy storage system (BESS).

Inox Clean said the transaction was completed within two months of signing, describing it as one of the fastest signing-to-execution deals in the renewable energy sector despite the involvement of multiple stakeholders and financing partners.

Devansh Jain, Executive Director of INOXGFL Group, said the transaction demonstrates Inox Clean’s ability to execute acquisitions quickly and at scale, describing this as a key competitive advantage.

The acquisition includes the transition of Vena Energy India’s management across development, commercial, technical, and operational functions.

Vena Energy India’s renewable portfolio includes about 1 GW of operational capacity, 1.7 GW of solar and wind and 1.2 GWh of BESS assets at advanced stages, alongside a 2.7-GW solar and wind and 1.3-GWh BESS development pipeline.