Inox Clean Energy has completed its ₹6,000 crore acquisition of Vena Energy India, adding around 1 GW of operating renewable capacity. The transaction also brings a substantial pipeline of solar, wind and battery energy storage projects.
Inox Clean Energy Limited, part of the INOXGFL Group, has completed the acquisition of Vena Energy India Holdings Pte Ltd, the Indian renewable energy platform of Vena Group. The transaction, valued at approximately ₹6,000 crore, significantly expands Inox Clean Energy’s operating portfolio and strengthens its presence across solar, wind and battery energy storage.
The acquisition was completed within two months of the agreement being announced, making it one of the faster transactions of its scale in India’s renewable energy sector. The transaction was funded through internal equity and refinancing, enabling Inox Clean Energy to complete the acquisition without an additional external equity raise.
Vena Energy India brings an operational renewable energy portfolio of approximately 1 GW to the Inox Clean Energy platform. In addition, it has 1.7 GW of solar and wind capacity and 1.2 GWh of battery energy storage capacity at advanced stages of development.
The acquired platform also includes a further development pipeline comprising 2.7 GW of solar and wind capacity and 1.3 GWh of BESS projects. With these assets incorporated into its portfolio, Inox Clean Energy’s operating and near-operational capacity is expected to reach approximately 4 GW.
The transaction is also expected to expand Inox Clean Energy’s longer-term development pipeline to more than 12 GW of solar and wind capacity, alongside approximately 2.5 GWh of battery energy storage capacity. This provides the company with a broader portfolio spanning multiple stages of development and commissioning.
The acquisition includes the transition of Vena Energy India’s management team, supporting continuity across development, commercial, technical and operational functions. The existing team brings experience across the Indian renewable energy market and is expected to support the integration and further development of the acquired platform.
For Inox Clean Energy, the acquisition forms part of a broader expansion strategy focused on scaling its renewable power generation and energy storage businesses. The company has pursued acquisitions and investments to build an integrated clean energy platform covering renewable generation and solar manufacturing.
The addition of Vena Energy India’s portfolio comes as India’s renewable energy market increasingly moves towards integrated portfolios combining solar, wind and energy storage. The expanded asset base gives Inox Clean Energy greater exposure to this transition while strengthening its ability to develop and operate utility-scale clean energy projects.
The acquisition is expected to accelerate Inox Clean Energy’s growth and strengthen its position in India’s expanding renewable energy market. With a larger operating portfolio, a substantial development pipeline and increased exposure to BESS, the company is positioned to participate more extensively in the country’s next phase of renewable energy and energy storage development.
