Inox Clean Energy Completes INR 6,000 Crore Acquisition of Vena Energy India Platform

Inox Clean Energy, part of the INOXGFL Group, has announced the successful completion of its acquisition of BlackRock-owned GIP's Vena Energy India Holdings, Vena Group’s India renewable energy platform, for a total transaction value of approximately INR 6,000 crore.

The transaction represents one of the fastest signing-to-execution deals in the renewable energy sector, having been completed within two months, despite involving multiple stakeholders and financing partners. The entire transaction value has been secured through internal equity and refinancing, highlighting Inox Clean’s strong financing capabilities and ability to execute complex transactions at speed.

The acquisition includes transition of Vena Energy India’s management, ensuring continuity across development, commercial, technical and operational functions and enabling a seamless transition of the platform.

Vena Energy India’s renewable portfolio comprises approximately 1 GW of operational capacity, 1.7 GW of solar and wind and 1.2 GWh of BESS assets at advanced stages, along with an additional 2.7 GW of solar and wind and 1.3 GWh of BESS development pipeline. Following completion, Inox Clean’s operating and near-operational portfolio is expected to reach approximately 4 GW, with a development pipeline exceeding 12 GW of solar and wind and 2.5 GWh of BESS.

Commenting on the deal completion, Devansh Jain, Executive Director, INOXGFL Group, said, "The successful completion of the Vena Energy India acquisition, and the speed with which we have closed this transaction, demonstrates our fast execution capabilities, which we believe is a key USP and gives us an edge over competition. Backed by over 20 years of leadership in renewables, a track record that is irreplaceable, we have built deep expertise and conviction in this sector. From signing to closing, we have demonstrated that once we identify the right opportunity, we move with speed, determination and purpose. This transaction reflects how seriously we approach our acquisitions and our ability to execute at scale. As we continue to pursue growth opportunities across the energy transition landscape, this execution capability will remain a key differentiator for us."

Speaking on the occasion, Akhil Jindal, Group CFO, INOXGFL Group, said, "The completion of this ~INR 6,000 crore transaction in under two months, despite the involvement of multiple stakeholders and financing partners, is a remarkable achievement and among the fastest closures for a transaction of this scale in the industry. It demonstrates the financial strength, institutional capabilities and execution focus that Inox Clean brings to every strategic opportunity. With its ability to combine speed with scale and disciplined execution, Inox Clean is revolutionising the renewable energy space and setting a new benchmark for how the industry can build and execute growth."