Inox Clean Energy to Acquire Vena Energy India’s 6 GW Renewable Energy Portfolio

Inox Clean Energy Limited, part of the INOXGFL Group and one of India’s fastest-growing integrated energy transition platforms, has signed a definitive agreement to acquire Vena Energy India’s 6 GW renewable energy portfolio, significantly expanding its renewable energy footprint and strengthening its position in the country’s clean energy sector.

The acquired portfolio comprises 1.2 GW of operational renewable energy assets, 1.8 GW of projects at an advanced stage of development and nearing commissioning, and an additional 3 GW of projects under development. The portfolio is supported by long-term power purchase agreements with key customers, including the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), various state distribution companies, and commercial and industrial consumers.

Following the acquisition, Inox Clean Energy’s operating and near-operational renewable energy portfolio is expected to expand to approximately 4 GW, while its total project development pipeline will exceed 12 GW across solar, wind, hybrid, and emerging clean energy technologies.

The transaction marks another major step in Inox Clean Energy’s strategy to build a fully integrated renewable energy platform. The company currently operates a solar module manufacturing capacity of around 6 GW, with 3 GW located in India and 3 GW in the United States. It is also developing a 4.8 GW solar cell manufacturing facility in Dhenkanal, Odisha, and a 3 GW solar cell plant in the United States, both of which are expected to become operational by December 2026.

Over the past ten months, Inox Clean Energy has completed ten strategic acquisitions spanning renewable power generation and solar manufacturing. These include the acquisition of manufacturing assets of US-based Boviet Solar for USD 750 million, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its African business operations.

Commenting on the acquisition, Devansh Jain, Executive Director of the INOXGFL Group, said the agreement with Vena Energy India represents a significant milestone in the group’s efforts to build one of the world’s most ambitious energy transition platforms. He noted that the acquisition aligns with the group’s “One Integrated” strategy, which focuses on strengthening its presence across the renewable energy value chain while creating synergies among its businesses. He added that Inox Clean Energy continues to target annual capacity additions exceeding 3 GW, with a significant share of project execution expected to be undertaken by Inox Wind.

Akhil Jindal, Group Chief Financial Officer of the INOXGFL Group, stated that the acquisition complements the company’s existing renewable energy portfolio and enhances the scale, quality, and visibility of future cash flows. He noted that the portfolio’s combination of operational assets, near-term commissioning projects, and long-term development opportunities offers both immediate earnings potential and sustained growth prospects.

According to the company, the INOXGFL Group has committed investments exceeding ₹50,000 crore over the past year across renewable power generation and solar manufacturing businesses in India, the United States, and Africa. The investments are aimed at building a globally competitive clean energy platform with leadership positions across key segments of the energy transition value chain.