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Inox Clean Energy Ltd. (Inox Clean) has signed an agreement to acquire the 6 GW renewable energy portfolio of Vena Energy India, in a deal estimated at around ₹6,000 crore. 
The acquisition is expected to significantly expand Inox Clean’s renewable energy footprint and support its plans to build a large-scale integrated clean energy platform. With the group having four listed entities namely Gujarat Fluorochemicals, Inox Wind, Inox Wind Energy (currently merging into Inox Wind), and Inox Green, and IPO for Inox Clean Energy is a clear possibility this year as the firm expands.  
The portfolio being acquired comprises 1.2 GW of operational renewable energy assets, 1.8 GW of projects that are at an advanced stage of development and nearing commissioning, and another 3 GW of projects in earlier stages of development.
According to the company, the assets are backed by long-term power purchase and offtake agreements with a mix of central and state agencies as well as commercial and industrial consumers. Key counterparties include the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Ltd. (GUVNL), state distribution companies, and corporate customers.
The acquisition marks a step in Inox Clean’s strategy to expand its renewable energy generation business. The company is targeting 10 GW of installed renewable energy independent power producer (IPP) capacity and 11 GW of integrated solar manufacturing capacity by FY28.
Through its subsidiary Inox Neo, the company operates renewable energy generation assets, while Inox Solar Ltd. serves as its solar manufacturing arm. The latest acquisition is expected to strengthen both its domestic presence and its ambitions to expand into international markets.
Commenting on the transaction, Devansh Jain, Executive Director, INOXGFL Group, said, “This acquisition will be yet another important step in our strategy of building a deeply integrated clean energy platform at scale.”
The Vena Energy India transaction follows a series of acquisitions completed by Inox Clean Energy over the past ten months as it seeks to build an integrated renewable energy platform across the value chain.
Among its notable acquisitions are the manufacturing assets of US-based Boviet Solar for USD 750 million, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
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