Inox Clean Energy Limited, part of the INOXGFL Group and one of India’s fastest-growing integrated energy transition platforms, has announced a major acquisition deal to accelerate its clean energy expansion.

 

Through its subsidiary Inox Neo, the company has entered into a definitive agreement with Vena Group to acquire 100% equity interests in Vena Energy India Holdings Pte Ltd, Vena Group’s India renewable energy platform.

 

The acquisition brings a significant renewable energy footprint under Inox Clean’s control.

 

Vena Energy India includes approximately 1 GW of operational capacity, along with 1.7 GW of solar and wind and 1.2 GWh of BESS in advanced-stage assets, and a further 2.7 GW of solar and wind plus 1.3 GWh of BESS in development pipeline assets.

 

The platform also includes a team of around 80 employees, with expertise spanning development, commercial, operational, and technical functions across India’s renewable energy sector.

 

Its portfolio is backed by long-term power purchase agreements with major offtakers, including Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers, and state distribution companies.

 

The deal significantly strengthens Inox Clean Energy’s position in India’s renewable energy landscape. Upon completion, its operating and near-operational portfolio is expected to rise to around 4 GW, while its total development pipeline will exceed 12 GW of solar and wind capacity and 2.5 GWh of BESS.

 

The acquisition is part of a broader aggressive expansion strategy. 

 

Over the last ten months, Inox Clean Energy has announced or completed multiple strategic transactions across renewable generation and solar manufacturing, including the acquisition of US-based Boviet Solar’s manufacturing assets for USD 750 million, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.

 

Commenting on the deal, Devansh Jain, Executive Director, INOXGFL Group, said: “The agreement with Vena Group marks another defining milestone in our journey of building one of the world’s most ambitious energy transition platforms. 

 

"In less than a year, we have executed a series of strategic acquisitions across renewable generation and solar manufacturing, creating a fully integrated clean energy ecosystem with global capabilities. 

 

"This transaction substantially enhances our scale and adds high-quality operating assets, an experienced team, a strong customer base and a significant future pipeline. We remain committed to accelerating India’s clean energy ambitions while creating long-term value for all stakeholders.”

 

Akhil Jindal, Group CFO, INOXGFL Group, added: "This acquisition will strongly complement our existing renewable energy portfolio and significantly strengthen the scale, quality and visibility of our cash flows. 

 

"The Vena Energy India platform comprises a balanced mix of operational assets, near-term commissioning opportunities and a substantial development pipeline, supported by an experienced team with strong execution capabilities. 

 

"Together with our recent acquisitions, it positions Inox Clean Energy among the fastest-scaling renewable energy platforms in India, with a robust operating base and a significant pipeline for future growth.”

 

From the seller’s side, Nitin Apte, Chief Executive Officer of Vena Group, said: “Vena Energy India has been built over many years by a committed local team, together with our customers, communities and partners. We are proud of the high-quality renewable energy platform that the team has created. 

 

"Following our review of strategic options for India, we believe Inox Clean Energy will be a strong new owner for the business following completion and is well positioned to support its next phase of growth. We are grateful to our employees, partners, customers and communities in India for their dedication and support, and we look forward to seeing the platform continue to contribute to India’s energy transition.”

 

Simone Grasso, Chief Investment Officer of Vena Group and Global Head of Vena Nexus, said: “This transaction reflects Vena Group’s disciplined approach to portfolio management and capital allocation. Vena Energy India combines high-quality renewable energy assets, a substantial development pipeline, long-term customer relationships and an experienced team. 

 

"Under Inox Clean Energy’s ownership, the platform will be well placed to continue its growth in India, while Vena Group focuses its resources on the next phase of growth across its strategies, including renewable energy, storage, digital infrastructure and integrated green solutions. 

 

"Vena Group remains committed to accelerating the energy and digital infrastructure transition across Asia-Pacific, while supporting the energy independence and decarbonisation ambitions of our customers and communities.”