Inox Clean Energy Limited (Inox Clean), part of the INOXGFL Group, has completed the acquisition of Vena Energy India’s renewable energy platform in a transaction valued at approximately ₹6,000 crore. The deal significantly expands Inox Clean’s renewable energy and battery energy storage system (BESS) portfolio.
The company said the transaction was completed within two months of signing, despite involving multiple stakeholders and financing partners. The acquired platform was part of Vena Energy India Holdings Pte Ltd and Vena Group’s renewable energy operations in India, with Vena Energy backed by BlackRock-owned Global Infrastructure Partners (GIP).
The acquisition includes approximately 1 GW of operational renewable energy capacity, along with 1.7 GW of solar and wind projects and 1.2 GWh of BESS assets at advanced stages of development. In addition, the platform includes a development pipeline of around 2.7 GW of solar and wind capacity and 1.3 GWh of BESS projects.
Following the acquisition, Inox Clean expects its operating and near-operational portfolio to reach approximately 4 GW. Its overall development pipeline is expected to exceed 12 GW of solar and wind capacity, alongside around 2.5 GWh of BESS capacity.
The company said the transaction was funded through internal equity and refinancing, reflecting its financing capabilities and ability to execute large-scale renewable energy transactions. The acquisition also includes the transition of Vena Energy India’s management team, supporting continuity across development, commercial, technical and operational activities.
The addition of BESS assets strengthens Inox Clean’s position in the growing energy storage market. Battery storage is increasingly becoming important for integrating variable renewable generation, supporting grid flexibility and enabling electricity to be dispatched when required.
As of July 2026, Inox Clean Energy’s order book had reached 4.4 GW. The company also highlighted the growing role of hybrid and dispatchable renewable projects in India’s energy market. Of the 9.34 GW of renewable energy capacity awarded through tenders during the first quarter of FY27, around 4.55 GW, or 49%, comprised wind, hybrid and Firm and Dispatchable Renewable Energy (FDRE) projects.
The acquisition marks another step in Inox Clean’s strategy of expanding across the renewable energy value chain while increasing its exposure to large-scale energy storage.
Devansh Jain, Executive Director of INOXGFL Group, said the successful and rapid completion of the transaction demonstrates the company’s execution capabilities and provides an advantage in pursuing opportunities across the renewable energy sector.
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