New Delhi, June 5(CXO Media): Inox Clean Energy has signed an agreement to acquire Singapore-based Vena Energy’s 6 GW renewable energy portfolio in India for nearly Rs 6,000 crore.
Deal Structure:
The portfolio includes 1.2 GW of operational assets, 1.8 GW of projects close to commissioning, and around 3 GW of projects under development. These assets are spread across Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, and Telangana.
The acquisition strengthens Inox Clean Energy’s position in India’s renewable energy sector as it continues expanding its independent power producer (IPP) platform under Inox Neo and solar manufacturing business under Inox Solar.
Strategic Expansion:
Post-acquisition, Inox Clean’s operational and near-operational capacity will rise to around 4 GW, while its total development pipeline will exceed 12 GW across solar, wind, and hybrid energy projects. The company has been actively pursuing acquisitions as part of its expansion strategy, completing multiple deals in the last 10 months.
The Vena Energy assets come with long-term power purchase agreements with entities such as the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Ltd (GUVNL), state discoms, and commercial customers, providing contracted revenue visibility.
Company Outlook:
The INOXGFL Group has committed over Rs 50,000 crore in renewable and solar manufacturing investments across India and global markets. The group targets 10 GW of renewable generation capacity and 11 GW of integrated solar manufacturing capacity by FY28.
The deal marks another consolidation move in India’s renewable energy sector, where large players are scaling portfolios through acquisitions and project integration rather than standalone project development.
