Inox Clean to acquire Vena Energy India with 2.5 GWh BESS pipeline

Inox Clean Energy, through its subsidiary Inox Neo, has agreed to acquire Vena Energy India from Vena Group in a deal that adds around 1 GW of operational solar and wind capacity, 1.7 GW of advanced-stage projects, 1.2 GWh of battery energy storage system (BESS) assets, and a development pipeline of 2.7 GW of renewable energy projects and 1.3 GWh of BESS capacity. The acquisition also includes a team of around 80 employees.

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 renewable energy platform in India.

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, along with a further 2.7 GW of solar and wind projects and 1.3 GWh of BESS capacity in the development pipeline. The business also includes an experienced team of approximately 80 employees with development, commercial, operational and technical expertise across the Indian renewable energy market.

The portfolio benefits from long-term power offtake arrangements with 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 of solar and wind capacity and 2.5 GWh of 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 is targeting 10 GW of installed renewable energy IPP capacity and 11 GW of integrated solar manufacturing capacity by fiscal 2028, with assets across India and key international markets, including the United States and Africa.

Over the past 10 months, Inox Clean Energy has announced or completed a series of strategic acquisitions across renewable power generation and solar manufacturing. These include the acquisition of US-based Boviet Solar’s manufacturing assets for $750 million, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.

Inox Clean’s solar module manufacturing capacity currently stands at around 6 GW, with 3 GW in India and 3 GW in the United States. Two additional solar cell manufacturing facilities – a 4.8 GW plant in Dhenkanal, Odisha, and a 3 GW plant in the United States – are expected to be commissioned by December 2026.

From pv magazine India