INOXGFL Group subsidiary Inox Clean Energy has signed a definitive agreement to acquire Vena Energy India's 6 GW renewable energy portfolio in a deal valued at ₹6,000 crore, according to latest reports. The acquisition comprises 1.2 GW of operational renewable energy assets, 1.8 GW of projects nearing commissioning and 3 GW of developmental-stage projects. The portfolio spans six states including Gujarat, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh and Telangana, as reported by BusinessLine. Vena's portfolio includes long-term power offtake arrangements with the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers and state distribution companies.
Following the transaction, Inox Clean's operating and near-operational portfolio will expand to about 4 GW, with its total development pipeline exceeding 12 GW across solar, wind, hybrid and emerging clean energy opportunities, as reported by BusinessLine. According to Devansh Jain, executive director of INOXGFL Group, the company continues to scale its independent power producer (IPP) portfolio and targets annual capacity additions of more than 3 GW. A significant portion of its annual execution will be undertaken by Inox Wind and would translate into a massive increase in Inox Green's portfolio. The Vena acquisition marks the group's tenth strategic acquisition in the last 10 months, following the $750 million acquisition of Boviet Solar Technology LLC's US assets in May. As per BusinessLine, the Vena transaction represents another defining milestone in building one of the world's most ambitious energy transition platforms.
The company's solar module manufacturing capacity currently stands at about 6 GW across India and the US, according to Business Standard. It has two solar cell manufacturing facilities -- a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the US, which is to be commissioned by December 2026. Group Chief Financial Officer Akhil Jindal stated that over the past year, the INOXGFL Group has committed investments of over ₹50,000 crore across renewable power generation and solar manufacturing platforms spanning India, the United States and Africa. According to Jindal, the Vena acquisition strengthens both the scale and quality of the company's renewable energy portfolio, providing a balanced mix of operational assets, near-term commissioning opportunities and substantial developmental pipeline.
Over the past 10 months, Inox Clean Energy has completed 10 acquisitions across renewable energy generation and solar manufacturing, including US-based Boviet Solar's manufacturing assets, Vibrant Energy, the Indian assets of SunSource Energy and SkyPower, as reported by Business Standard. The company operates across the renewable IPP business under its subsidiary Inox Neo and the solar manufacturing business under its subsidiary Inox Solar. It targets 10 GW of installed renewable energy IPP capacity and 11 GW of solar manufacturing capacity by FY28. As per BusinessLine, the Vena transaction represents another defining milestone in building one of the world's most ambitious energy transition platforms.
