Inox Clean Energy, through its subsidiary Inox Neo, has entered into a definitive agreement with Vena Group to acquire 100% of the equity interests in Vena Energy India, Vena Group’s India renewable energy platform.
Vena Energy India comprises around 1 GW of operational solar and wind capacity, 1.7 GW of advanced-stage solar and wind projects and 1.2 GWh of BESS assets, a further 2.7 GW of solar and wind projects and 1.3 GWh of BESS capacity in the development pipeline. The platform also includes an experienced team of approximately 80 employees with deep development, commercial, operational and technical capabilities across the Indian renewable energy market.
The portfolio benefits from long-term power offtake arrangements with leading public-sector and commercial customers, including Solar Energy Corp. of India (SECI), Gujarat Urja Vikas Nigam Ltd (GUVNL), commercial and industrial (C&I) consumers, and state distribution companies.
Upon completion of the transaction, Inox Clean’s operating and near-operational portfolio is expected to expand to around 4 GW, while its total development pipeline will exceed 12 GW across solar and wind and 2.5 GWh BESS.
Inox Clean, the renewable energy platform of the INOXGFL Group, operates in the independent power producer (IPP) segment through its subsidiary Inox Neo and in solar manufacturing through Inox Solar Ltd. The company targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with assets spread across India and multiple key global geographies including the US and Africa.
Over the last ten months, Inox Clean Energy has announced or completed a series of strategic acquisitions across renewable power generation and solar manufacturing, strengthening its presence across India and global markets while building a fully integrated clean energy platform spanning the renewable energy value chain. These include the acquisition of US-based Boviet Solar’s manufacturing assets for $750 million, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
Inox Clean’s solar module manufacturing capacity stands at around 6 GW (3 GW in India and 3 GW in the US), with two additional solar cell manufacturing facilities—a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the US—expected to be commissioned by December 2026.
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