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Inox Clean Energy acquires Vena Energy India’s 6 GW renewable portfolio in ₹6,000-crore deal
/ 2 min read
The acquisition adds 1.2 GW of operational assets and a 4.8 GW development pipeline to Inox Clean’s portfolio, accelerating its ambition to build a 10 GW renewable energy platform and expand its clean energy footprint across India and overseas markets.
Representational Image | Credits: Getty Images
Inox Clean Energy Ltd (Inox Clean) has signed an agreement with Vena Energy India to acquire the company's 6 GW renewable portfolio in a Rs 6,000 crore deal.
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, Inox Clean said in a statement.
The portfolio includes long-term power offtake arrangements with marquee clientele, including Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Ltd (GUVNL), as well as a diversified mix of commercial & industrial (C&I) consumers and state distribution companies.
A query sent to the company seeking the deal size of the latest acquisition remained unanswered.
Industry sources having knowledge of the deal estimated it at around Rs 6,000 crore.
"This acquisition will be yet another important step in our strategy of building a deeply integrated clean energy platform at scale," Devansh Jain, Executive Director, INOXGFL Group, said.
Inox Clean, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable IPP (Independent Power Producer) business through its subsidiary, Inox Neo, and the solar manufacturing business through its subsidiary, Inox Solar Ltd.
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The company is targeting 10 GW of installed renewable energy IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and multiple key global geographies, including the US and Africa.
Over the last ten months, Inox Clean Energy has completed ten strategic acquisitions across renewable power generation and solar manufacturing, strengthening its presence across India and global markets while building a fully integrated clean energy platform spanning the entire renewable energy value chain.
Some of the acquisitions include 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.