Inox Clean Energy, a company within the INOXGFL Group, has acquired Vena Energy India in a transaction valued at around $626.7m (Rs60bn).
Vena Energy India is the Indian renewable energy business of the Vena Group owned by BlackRock’s Global Infrastructure Partners (GIP).
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According to Inox Clean Energy, the deal was finalised within two months of signing a definitive agreement through its subsidiary Inox Neo Energies.
The funding for the acquisition was sourced through internal equity and refinancing arrangements.
The process also included transferring Vena Energy India’s management team to Inox Clean Energy to ensure continuity across development, commercial, technical and operational functions.
INOXGFL Group executive director Devansh Jain said: “The successful completion of the Vena Energy India acquisition, and the speed with which we have closed this transaction, demonstrates our fast execution capabilities, which we believe is a key USP [unique selling point] and gives us an edge over competition.
“Backed by over 20 years of leadership in renewables, a track record that is irreplaceable, we have built deep expertise and conviction in this sector. From signing to closing, we have demonstrated that once we identify the right opportunity, we move with speed, determination and purpose.”
Vena Energy India’s portfolio includes around 1GW of operational renewable energy assets.
The company also manages 1.7GW of solar and wind capacity and 1.2GW-hours (GWh) of battery energy storage system (BESS) assets at an advanced stage.
Furthermore, an additional pipeline is under development, including 2.7GW of solar and wind projects and 1.3GWh of BESS.
The portfolio features long-term power purchase agreements with major public sector entities such as the Solar Energy Corporation of India and Gujarat Urja Vikas Nigam, as well as state utilities and various commercial and industrial clients.
Following the acquisition, Inox Clean Energy’s combined operational and near-operational renewable portfolio is expected to approach 4GW.
The company’s development pipeline now exceeds 12GW of solar and wind assets, with BESS projects totalling more than 2.5GWh.
In September 2025, Inox Clean Energy, via its subsidiary Inox Neo Energies, signed definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire a portfolio of 640MW of wind-solar hybrid projects in Maharashtra, India.
