Key Takeaways

• Inox Clean Energy has acquired Vena Energy India Holdings from GIP for approximately Rs 6,000 crore.
• The deal is noted as one of the fastest in the renewable energy sector, completed within two months.
• The acquisition boosts Inox Clean’s portfolio to about 4 GW of operational capacity and a development pipeline exceeding 12 GW.

Acquisition Completed Rapidly

Inox Clean Energy announced the completion of its acquisition of Vena Energy India Holdings Pte Ltd, a renewable energy platform formerly owned by BlackRock’s GIP. Valued at around Rs 6,000 crore, this transaction is notable for its swift execution, finalized within just two months. This rapid turnaround involved multiple stakeholders and financing partners, showcasing Inox Clean’s robust financing capabilities.

The acquisition underscores Inox Clean’s strategic effort to expand its renewable energy footprint in India. The Vena Energy India portfolio includes approximately 1 GW of operational capacity, alongside 1.7 GW in solar and wind projects, and 1.2 GWh of battery energy storage systems (BESS) that are in advanced stages of development. Furthermore, there is a significant development pipeline consisting of an additional 2.7 GW of solar and wind assets and 1.3 GWh of BESS.

Post-acquisition, Inox Clean’s operational and near-operational renewable energy portfolio is set to reach about 4 GW. Additionally, the company boasts a substantial development pipeline of over 12 GW in solar and wind power, alongside 2.5 GWh of BESS, which positions it for significant growth in the renewable sector.

Devansh Jain, Executive Director of INOXGFL Group, emphasized the company’s capability for swift execution, stating, “The completion of the Vena Energy India acquisition… demonstrates our fast execution capabilities.”

Inox Clean, part of the integrated renewable energy platform under the INOXGFL Group, operates in various segments including Independent Power Production (IPP) through its subsidiary Inox Neo and solar manufacturing via Inox Solar Ltd. This acquisition further strengthens Inox Clean’s position in the competitive renewable energy market in India.

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