Inox Clean Energy will acquire Vena Energy’s India business, including close to 1 GW of operational renewable energy capacity
The transaction also includes 1.7 GW of advanced-stage solar and wind projects, 1.2 GWh of BESS assets, and a larger development pipeline
Following the acquisition, Inox’s operating and near-operational portfolio is expected to reach around 4 GW, with its development pipeline exceeding 12 GW
Inox Clean Energy Limited, the Indian renewable energy company part of the INOXGFL Group, has signed an agreement to acquire 100% equity stake in the Indian operations of Singapore-based Vena Energy for an undisclosed amount.
At transaction closing, a company subsidiary, Inox Neo, will acquire Vena Energy India Holdings, with its nearly 1 GW of operational capacity, along with 1.7 GW of solar and wind and 1.2 GWh of advanced-stage battery energy storage system (BESS) assets.
Its development pipeline consists of another 2.7 GW of solar and wind and 1.3 GWh of BESS. With this acquisition, Vena Energy India’s close to 80 employee count will also join Inox.
Vena Energy says this portfolio comes with long-term offtake agreements with leading public-sector and commercial customers, including 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 operating and near-operational portfolio to around 4 GW, and its development pipeline will exceed 12 GW of solar and wind, along with 2.5 GWh of BESS capacity. The acquisition follows Inox’s acquisition of Vibrant Energy from Macquarie in December 2025 (see India Solar PV News Snippets).
Inox has been on an acquisition spree, expanding its portfolio through inorganic growth. Previously, it also acquired the Indian assets of SunSource Energy and CalPERS-backed SkyPower, including its Africa business.
In May 2026, Inox forayed into the US solar PV manufacturing market with the acquisition of Boviet Solar’s US solar module and cell manufacturing assets for $750 million (see North America Solar PV News Snippets).
“In less than a year, we have executed a series of strategic acquisitions across renewable generation and solar manufacturing, creating a fully integrated clean energy ecosystem with global capabilities,” said INOXGFL Group’s Executive Director, Devansh Jain. “This transaction substantially enhances our scale and adds high-quality operating assets, an experienced team, a strong customer base and a significant future pipeline.”
Inox Clean Energy is now targeting annual capacity additions of over 3 GW to scale its independent power producer (IPP) portfolio, added Jain.
The company’s solar module manufacturing portfolio now stands at approximately 6 GW – 3 GW in India and 3 GW in the US – along with 2 additional solar cell manufacturing facilities: a 4.8 GW plant in Odisha’s Dhenkanal and a 3 GW plant in the US.
Upon closing of the Vena Energy India transaction, Inox Clean Energy says it will become one of the most diversified renewable energy platforms in India.
For Vena Energy, this divestment will free up its resources to focus on renewable energy, storage, digital infrastructure, and integrated green solutions, according to Simone Grasso, Vena Group’s Chief Investment Officer and Global Head of Vena Nexus.