Inox Clean Energy Limited (Inox Clean), part of the INOXGFL Group, has acquired Vena Energy India’s (Vena) 6 gigawatt (GW) renewable energy portfolio, to take its overall operating portfolio to 4 GW with an additional 12 GW developmental pipeline.

It is the 10th strategic acquisition by Inox Clean Energy in the last 10 months. Some of the acquisitions include the U.S.-based Boviet Solar’s manufacturing assets for $750 million, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business. Over the past year, the INOXGFL Group has committed investments of over ₹50,000 crore across renewable power generation and solar manufacturing platforms spanning India, the U.S. and Africa, said sources.

''The agreement with Vena Energy India marks another defining milestone in our journey of building one of the world’s most ambitious energy transition platforms and this acquisition will be yet another important step in our strategy of building a deeply integrated clean energy platform at scale,'' said Devansh Jain, Executive Director, INOXGFL Group.

Vena’s 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 developmental-stage projects. The portfolio includes long-term power offtake arrangements with marquee clientele including Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), as well as a diversified mix of commercial & industrial (C&I) consumers and state distribution companies.

Following the transaction, Inox Clean’s operating and near-operational portfolio will expand to approximately 4 GW, while its total development pipeline will exceed 12 GW across solar, wind, hybrid and emerging clean energy opportunities.

Inox Clean has a pipeline of utility-scale renewable energy projects and continues to expand its footprint. Its solar module manufacturing capacity stands at approximately 6 GW (3 GW in India and 3 GW in the U.S.), with two additional solar cell manufacturing facilities—a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the U.S.—expected to be commissioned by December 2026. Additionally, its current IPP portfolio stands at approximately 4 GW, supported by a robust 12 GW project development pipeline.

The group is aiming for a  'One Integrated’ strategy, enhancing presence across the renewables value chain, with group entities supplementing each other’s growth. Inox Clean Energy targets annual capacity additions of more than 3 GW, a significant portion of its annual execution will be executed by Inox Wind, said Devansh Jain.

Inox Clean targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. It operates across the renewable IPP (Independent Power Producer) business under its subsidiary Inox Neo and the solar manufacturing business under its subsidiary Inox Solar Limited.

Akhil Jindal, Group CFO, INOXGFL Group, said the Vena portfolio comprises a balanced mix of operational assets, near-term commissioning opportunities and a substantial developmental pipeline, providing both immediate earnings contribution and long-term growth potential.