en.Wedoany.com Reported - Indian independent power producer (IPP) Inox Clean Energy (part of the INOXGFL Group) has completed the acquisition of Vena Energy's 6-gigawatt renewable energy portfolio in India, aiming to expand its operational capacity and strengthen its project pipeline.
Vena Energy's portfolio includes approximately 1 GW of operational renewable energy projects, 1.7 GW of solar and wind projects in advanced development, and an additional 2.7 GW of solar and wind project pipeline. The platform also includes approximately 1.2 GWh of advanced-stage battery energy storage systems (BESS) and 1.3 GWh of storage projects in the broader development pipeline.
Following the acquisition, Inox Clean Energy's operational and near-operational portfolio will increase to approximately 4 GW, while its development pipeline will exceed 12 GW, encompassing solar, wind, and hybrid projects.
Devansh Jain, Executive Director of the INOXGFL Group, stated that as the group adopts an "integrated" strategy and strengthens its presence across the renewable energy value chain, all group entities complement each other's growth. Inox Clean Energy continues to expand its IPP portfolio, targeting an annual addition of over 3 GW of installed capacity, with a significant portion of its annual execution to be carried out by Inox Wind, which will also drive substantial growth in Inox Green's portfolio.
The transaction marks the exit of Global Infrastructure Partners, a BlackRock affiliate, from the Indian renewable energy market. The deal is valued at approximately INR 50 billion (approximately USD 585 million).
The acquired assets are supported by long-term power purchase agreements (PPAs) with off-takers including the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), state-level distribution companies, and commercial and industrial (C&I) customers. Vena Energy was advised by Morgan Stanley and MUFG on this transaction.
Akhil Jindal, Chief Financial Officer of the INOXGFL Group, added that the Vena portfolio comprises a balanced mix of operational assets, near-term commissioning opportunities, and a substantial development pipeline, offering both immediate earnings contributions and long-term growth potential.
This transaction is the tenth acquisition completed by Inox Clean Energy in the past ten months, as it targets an IPP installed capacity of 10 GW and an integrated solar manufacturing capacity of 11 GW by fiscal year 2028. Last month, the company acquired U.S. solar manufacturer Boviet Solar Technology for approximately USD 750 million, securing 3 GW of solar module manufacturing capacity in the U.S., with an agreement to add 3 GW of solar cell capacity, planned for commissioning by the end of 2026. In another transaction, Inox acquired Macquarie's Vibrant Energy for INR 50 billion (approximately USD 535 million), gaining 1,337 MW of commercial and industrial renewable energy assets across India. Earlier this year, the company also formed a joint venture with RJ Corp to acquire Skypower Services MENA, entering the African renewable energy market with an initial target portfolio of approximately 570 MW. Prior to this, Inox had acquired a 300 MW operational solar portfolio from SunSource Energy, with assets spread across 13 Indian states and supported by long-term PPAs with commercial and industrial customers.
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