Inox Clean Energy Limited, part of the INOXGFL Group, has entered into a definitive agreement through its subsidiary Inox Neo to acquire 100% of the equity interests in Vena Energy India Holdings Pte Ltd, Vena Group’s renewable energy platform in India.
The transaction is subject to customary closing conditions and applicable regulatory approvals. Upon completion, the acquisition is expected to significantly expand Inox Clean Energy’s operating portfolio, development pipeline and battery energy storage capabilities.
Vena Energy India Brings 1 GW Operational Portfolio
Vena Energy India comprises approximately 1 GW of operational renewable energy capacity, along with 1.7 GW of advanced-stage solar and wind assets and 1.2 GWh of battery energy storage system (BESS) capacity.
The platform also includes an additional 2.7 GW of solar and wind development pipeline and 1.3 GWh of BESS projects.
The acquisition will also bring an experienced team of approximately 80 employees with expertise across renewable energy development, commercial operations, project execution and technical functions in the Indian market.
The portfolio has long-term power offtake arrangements with public-sector and commercial customers, including Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers and state distribution companies.
Inox Clean Energy’s Portfolio to Expand Further
Inox Clean Energy has been expanding its presence across utility-scale renewable power generation and solar manufacturing.
The company currently has approximately 6 GW of solar module manufacturing capacity, comprising 3 GW in India and 3 GW in the United States. Two additional solar cell manufacturing facilities—a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW facility in the U.S.—are expected to be commissioned by December 2026.
Its independent power producer (IPP) portfolio currently stands at approximately 4 GW, supported by a project development pipeline of around 12 GW.
Following the completion of the Vena Energy India transaction, Inox Clean expects its operating and near-operational renewable energy portfolio to increase to approximately 4 GW. Its total development pipeline is expected to exceed 12 GW of solar and wind capacity, alongside 2.5 GWh of BESS capacity.
Acquisition Adds to INOXGFL’s Expansion Strategy
The transaction is the latest in a series of strategic acquisitions and investments undertaken by INOXGFL Group across renewable power generation and solar manufacturing.
Over the past 10 months, the group has announced or completed acquisitions involving Boviet Solar’s U.S. manufacturing assets, Vibrant Energy, SunSource Energy’s Indian assets and SkyPower, including its Africa business.
Devansh Jain, Executive Director, INOXGFL Group, said the agreement represents another milestone in the group’s strategy of building an integrated clean energy platform at scale.
He said the group’s “One Integrated” strategy is designed to strengthen its presence across the renewable energy value chain, with growth across its businesses expected to support one another.
Jain added that Inox Clean Energy is targeting annual capacity additions of more than 3 GW, with a significant portion of the execution expected to be undertaken by Inox Wind, while also creating opportunities to expand Inox Green’s portfolio.
Deal Expected to Strengthen Cash Flow Visibility
Akhil Jindal, Group CFO, INOXGFL Group, said the acquisition would complement the group’s existing renewable energy portfolio while increasing the scale and visibility of its cash flows.
He highlighted the combination of operational assets, near-term commissioning opportunities and development-stage projects within the Vena Energy India portfolio, which he said could provide both immediate earnings contribution and longer-term growth potential.
According to Jindal, INOXGFL Group has committed more than ₹50,000 crore over the past year across renewable power generation and solar manufacturing platforms in India, the U.S. and Africa.
Vena Group to Focus on Broader Asia-Pacific Growth
Nitin Apte, CEO of Vena Group, said Vena Energy India had been developed over several years through collaboration among its employees, customers, communities and partners.
Following its review of strategic options for India, Vena Group believes Inox Clean Energy is positioned to support the platform’s next phase of growth, Apte said.
Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, said the transaction reflects Vena Group’s approach to portfolio management and capital allocation.
He said the platform’s renewable energy assets, development pipeline, customer relationships and experienced team provide a strong foundation for continued growth under Inox Clean Energy’s ownership.
Vena Group will continue to focus its resources on growth across renewable energy, energy storage, digital infrastructure and integrated green solutions in the Asia-Pacific region.
Morgan Stanley and MUFG acted as financial advisers to Vena Group in connection with the transaction.
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