India's Inox completes $627.5 million acquisition of Vena Energy

en.Wedoany.com Reported - Inox Clean Energy has completed its acquisition of Vena Energy for INR 60 billion (approximately $627.5 million). The acquisition targets Vena Energy's renewable energy asset portfolio in India, comprising approximately 1GW of operational capacity, 1.7GW of solar and wind projects in the late-stage development pipeline, 1.2GWh of battery energy storage system (BESS) assets, along with an additional 2.7GW of solar and wind projects and 1.3GWh of BESS development pipeline.

Upon completion of the transaction, Inox's operational and near-operational asset portfolio is expected to grow to approximately 4GW, with a development pipeline exceeding 12GW of solar and wind capacity and 2.5GWh of BESS; Vena Energy's entire management team will transition to Inox. The acquisition was announced in June 2026, with Inox taking over Vena's 6GW renewable energy portfolio under its "One Integrated" strategy. Vena was sold by Global Infrastructure Partners (GIP), a subsidiary of BlackRock, marking GIP's exit from the Indian renewable energy market.

Devansh Jain, Executive Director of the INOXGFL Group, stated that the company has a track record of over 20 years in the renewable energy sector, and this transaction reflects the company's serious approach to acquisitions and its ability to execute at scale, which remains a key differentiator as it seeks growth opportunities in the energy transition space.

The Vena transaction is the latest in a series of acquisitions by Inox. In May 2026, the company acquired Boviet Solar Technology for approximately $750 million, entering the U.S. solar manufacturing market with 3GW of module manufacturing capacity, and signed an agreement to build an additional 3GW of solar cell manufacturing capacity, expected to commence production by the end of 2026. In another transaction, Inox acquired Vibrant Energy, a subsidiary of Macquarie, for INR 50 billion ($535 million), adding 1,337MW of commercial and industrial renewable energy assets across India.

Earlier, Inox acquired a 300MW operational solar asset portfolio from SunSource Energy, with assets distributed across 13 Indian states, supported by long-term power purchase agreements (PPAs) signed with commercial and industrial (C&I) customers. Earlier this year, the company also established a joint venture with RJ Corp to enter the African renewable energy market, acquiring Skypower Services MENA with an initial target portfolio of approximately 570MW.

Jain told PV Tech Premium last month that through these acquisitions, Inox's valuation is expected to exceed INR 700 billion ($7.3 billion), with each acquisition driven by clear strategic objectives. The company aims to achieve 10GW of installed renewable energy IPP capacity and 11GW of integrated solar manufacturing capacity by fiscal year 2028 (FY28), with projects spanning the globe.