en.Wedoany.com Reported - Inox Clean Energy Limited (a subsidiary of the INOXGFL Group) has signed an agreement to acquire the entire equity stake of Singapore-based Vena Energy in India, for an undisclosed amount.

Upon completion of the transaction, its subsidiary Inox Neo will acquire Vena Energy India Holdings. The latter holds nearly 1 GW of operational capacity, along with 1.7 GW of solar and wind energy assets and 1.2 GWh of late-stage battery energy storage system (BESS) assets. Its development pipeline also includes an additional 2.7 GW of solar and wind energy assets and 1.3 GWh of BESS. Through this acquisition, nearly 80 employees of Vena Energy India will join Inox.

Vena Energy stated that the portfolio has long-term offtake agreements with major public sector and commercial customers, including the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers, and state distribution companies.

For Inox, this acquisition will boost its operational and near-operational portfolio to approximately 4 GW, with its development pipeline exceeding 12 GW of solar and wind energy and 2.5 GWh of BESS capacity. This acquisition follows Inox's purchase of Vibrant Energy from Macquarie in December 2025.

Inox has been expanding its portfolio through inorganic growth. Previously, it also acquired assets in India from SunSource Energy and CalPERS-backed SkyPower (including its African operations). In May 2026, Inox entered the U.S. solar photovoltaic manufacturing market by acquiring Boviet Solar's U.S. solar module and cell manufacturing assets for $750 million.

Devansh Jain, Executive Director of the INOXGFL Group, stated that within less than a year, Inox has completed a series of strategic acquisitions covering renewable energy generation and solar manufacturing, creating a fully integrated clean energy ecosystem with global capabilities. He noted that the deal significantly enhances the company's scale, adding high-quality operational assets, an experienced team, a strong customer base, and a substantial future pipeline. Jain added that Inox Clean Energy now aims to add over 3 GW of capacity annually to expand its independent power producer (IPP) portfolio.

The company's solar module manufacturing portfolio currently stands at approximately 6 GW—3 GW in India and 3 GW in the U.S.—along with two additional solar cell manufacturing facilities: a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the U.S. Inox Clean Energy stated that upon completion of the Vena Energy India transaction, it will become one of the most diversified renewable energy platforms in India.

For Vena Energy, according to Simone Grasso, Group Chief Investment Officer and Global Head of Vena Nexus, this divestment will free up resources to focus on renewable energy, energy storage, digital infrastructure, and integrated green solutions.

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