Inox Clean Energy Signs Agreement to Acquire Vena Energy India

Inox Clean Energy Limited (“Inox Clean”), part of the INOXGFL Group and one of India’s fastest-growing integrated energy transition platforms, has announced that, through its subsidiary Inox Neo, it has signed a final agreement with Vena Group to buy 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, as well as an additional 2.7 GW (solar and wind) and 1.3 GWh (BESS) in its 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 major public-sector and commercial customers, such as Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers, and state distribution companies.

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, the company has a current IPP portfolio of approximately 4 GW, supported by a robust 12 GW project development pipeline.

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 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 a ‘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 a 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 strengthen the scale, quality, and visibility of our cash flows.” The 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.”

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.