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Inox Clean Energy to Acquire Vena Energy India’s 6 GW Renewable Energy Portfolio

Inox Clean Energy will acquire Vena Energy India’s 6 GW renewable energy portfolio, comprising 1.2 GW of operational assets, 1.8 GW of near-commissioning projects and 3 GW of development-stage projects. With this, the company’s total operating portfolio reaches about 4 GW with an additional 12 GW developmental pipeline.

June 05, 2026. By Mrinmoy Dey

Inox Clean Energy, a part of the INOXGFL Group, has announced that it has entered into a definitive agreement to acquire Vena Energy India’s 6 GW renewable energy portfolio.

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 (GUVNL), as well as a diversified mix of commercial and industrial (C&I) consumers and state distribution companies, stated the company.

Following the transaction, Inox Clean Energy’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, it said.

Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said, “This acquisition will be yet another important step in our strategy of building a deeply integrated clean energy platform at scale. Today, as INOXGFL Group adopts 'One Integrated’ strategy, enhancing presence across the renewables value chain, all of our group entities supplement each other’s growth. Inox Clean Energy continues to scale its IPP portfolio and targets annual capacity additions of more than 3 GW. A significant portion of its annual execution will be executed by Inox Wind, and would also translate into a massive increase in Inox Green’s portfolio.”

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

He further added, “Over the past year, the INOXGFL Group has committed investments of over INR 50,000 crore across renewable power generation and solar manufacturing platforms spanning India, the United States and Africa. These investments have been guided by a clear vision of building a globally competitive clean energy platform with leadership positions across key segments of the energy transition value chain.”

Inox Clean has built a strong 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 US), with two additional solar cell manufacturing facilities – a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the US – expected to be commissioned by December 2026. Additionally, its current IPP portfolio stands at approximately 4 GW, supported by a 12 GW project development pipeline, stated the company.

Over the last ten months, Inox Clean Energy has completed ten strategic acquisitions across renewable power generation and solar manufacturing. 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, stated the company.

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Inox Clean to Acquire Vena Energy India

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