Inox Clean to acquire Vena Energy India platform for Rs 6,000 crore
Inox Clean Energy Limited has signed a definitive agreement to acquire 100% equity interests in Vena Energy India Holdings Pte Ltd, the India renewable energy platform of Vena Group, in a transaction estimated at around Rs 6,000 crore.
The acquisition is subject to customary closing conditions and regulatory approvals.
The portfolio being acquired includes around 1 GW of operational renewable energy assets, 1.7 GW of advanced-stage solar and wind projects, and 1.2 GWh of Battery Energy Storage System (BESS) capacity. It also includes an additional development pipeline of 2.7 GW of solar and wind projects along with 1.3 GWh of BESS capacity.
Overall, the transaction adds nearly 6 GW of operational, near-operational, and pipeline renewable energy assets to Inox Clean Energy’s portfolio.
Power offtake portfolio
The assets are supported by long-term power offtake agreements with agencies including the Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), state distribution companies, and commercial and industrial (C&I) consumers. The platform also includes a workforce of approximately 80 employees.
Following completion of the transaction, Inox Clean Energy’s operating and near-operational portfolio is expected to increase to around 4 GW. Its overall development pipeline is projected to exceed 12 GW of solar and wind projects along with 2.5 GWh of BESS capacity.
The company has stated a target of achieving 10 GW of installed renewable energy independent power producer (IPP) capacity and 11 GW of integrated solar manufacturing capacity by FY28.
Acquisition strategy
The Vena Energy India transaction is the tenth strategic acquisition agreement signed by Inox Clean Energy over the last ten months.
Previous acquisitions announced by the company include Boviet Solar’s manufacturing assets in the United States for USD 750 million, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower including its Africa business.
The INOXGFL Group currently has four listed entities — Gujarat Fluorochemicals, Inox Wind, Inox Wind Energy, and Inox Green. Inox Wind Energy is presently being merged into Inox Wind.
The transaction also comes amid expectations of a potential initial public offering (IPO) for Inox Clean Energy as the company expands its renewable energy and manufacturing operations.
Company statements
Devansh Jain, Executive Director of INOXGFL Group, stated that the transaction strengthens the group’s renewable energy platform through the addition of operating assets, pipeline projects, and an experienced execution team.
Akhil Jindal, Group Chief Financial Officer (CFO) of INOXGFL Group, said the acquisition would enhance the company’s renewable energy portfolio and improve the scale and visibility of future cash flows.
Nitin Apte, Chief Executive Officer (CEO) of Vena Group, stated that Inox Clean Energy is well positioned to support the next phase of growth for the India platform after completion of the transaction.
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