Inox Clean Energy Completes INR 6,000 Crore Vena Energy India Acquisition, Adds 12+ GW Renewable Pipeline

Inox Clean Energy has completed the acquisition of Vena Energy India from BlackRock-owned Global Infrastructure Partners (GIP) in a transaction valued at approximately ₹6,000 crore. The transaction was completed within two months, making it one of the fastest signing-to-execution deals in the renewable energy sector.

The acquisition strengthens Inox Clean Energy’s renewable energy portfolio with approximately 1 GW of operational capacity and a substantial pipeline of solar, wind and Battery Energy Storage System (BESS) assets.

Vena Energy India’s portfolio comprises approximately 1 GW of operational renewable energy capacity, 1.7 GW of solar and wind projects at advanced stages, and 1.2 GWh of BESS assets at advanced stages. It also includes an additional 2.7 GW of solar and wind projects and 1.3 GWh of BESS in the development pipeline.

Following the completion of the acquisition, Inox Clean Energy’s total renewable energy portfolio stands at approximately 16 GW. This includes around 4 GW of operational capacity and approximately 12 GW of future capacity, along with 2.5 GWh of BESS.

The ₹6,000 crore transaction was financed through internal equity and refinancing. According to the company, the financing structure demonstrates its ability to execute complex transactions while maintaining the pace of portfolio expansion.

The acquisition was completed despite the involvement of multiple stakeholders and financing partners, with the company highlighting the transaction’s rapid execution as a key strength.

Commenting on the acquisition, Devansh Jain, Executive Director, INOXGFL Group, said the speed of the transaction demonstrates the group’s fast execution capabilities, which he described as a key competitive advantage. He also highlighted the group’s more than two decades of experience in the renewable energy sector.

Akhil Jindal, Group CFO, INOXGFL Group, said completing the approximately ₹6,000 crore transaction in under two months was a significant achievement, particularly given the involvement of multiple stakeholders and financing partners.

As part of the acquisition, Vena Energy India’s entire management team will transition to Inox Clean Energy, supporting continuity across operations and project development activities.

The acquisition further strengthens Inox Clean Energy’s position across the renewable energy value chain and expands its exposure to utility-scale solar, wind and energy storage projects.