Vena Energy India Deal Expands Renewable Portfolio
Key Highlights
- Inox Clean Energy has completed the acquisition of Vena Energy India Holdings for about ₹6,000 crore.
- The acquired platform was owned by BlackRock-backed Global Infrastructure Partners.
- The transaction was completed within two months of signing.
- The deal was funded through internal equity and refinancing.
- Vena Energy India has about 1 GW of operational renewable energy capacity.
- Its advanced-stage portfolio includes 1.7 GW of solar and wind projects and 1.2 GWh of battery storage assets.
- The platform also has a development pipeline of 2.7 GW of solar and wind projects and 1.3 GWh of BESS.
- Following the acquisition, Inox Clean’s operating and near-operational portfolio is expected to reach about 4 GW.
- Its development pipeline is expected to exceed 12 GW of solar and wind projects and 2.5 GWh of battery storage.
New Delhi, August 18: Inox Clean Energy has completed the acquisition of Vena Energy India Holdings Pte Ltd, the Indian renewable energy platform of Vena Group, for a total transaction value of about ₹6,000 crore.
The company said the transaction was completed within two months of signing, making it one of the faster signing-to-execution deals in the renewable energy sector despite the involvement of multiple stakeholders and financing partners.
The acquired business was owned by Global Infrastructure Partners, which is backed by BlackRock.
Deal funded through equity and refinancing
Inox Clean said the entire transaction value was secured through a combination of internal equity and refinancing.
The company said the funding structure reflects its financing capabilities and ability to execute large and complex transactions within a short period.
The acquisition significantly expands Inox Clean’s renewable energy portfolio across operational, advanced-stage and development assets.
Vena Energy India brings large renewable portfolio
Vena Energy India’s portfolio includes about 1 GW of operational renewable energy capacity.
It also has approximately 1.7 GW of solar and wind projects and 1.2 GWh of battery energy storage system, or BESS, assets at advanced stages of development.
In addition, the platform has a further development pipeline of around 2.7 GW of solar and wind capacity and 1.3 GWh of battery storage projects.
The acquisition therefore adds both operating assets and a sizeable future project pipeline to Inox Clean’s portfolio.
Inox Clean portfolio to reach about 4 GW
Following completion of the transaction, Inox Clean’s operating and near-operational renewable energy portfolio is expected to reach around 4 GW.
The company’s broader development pipeline is expected to exceed 12 GW of solar and wind projects.
Its battery energy storage pipeline is also expected to rise to more than 2.5 GWh.
The enlarged portfolio strengthens the company’s position across generation and storage as India continues to expand renewable power capacity.
Inox highlights execution speed
INOXGFL Group Executive Director Devansh Jain said the completion of the Vena Energy India acquisition demonstrates the group’s ability to execute large transactions quickly.
The company described the deal as a significant step in scaling its clean energy operations and expanding its renewable generation footprint.
Integrated renewable energy platform
Inox Clean Energy is the integrated renewable energy platform of the INOXGFL Group.
The company operates its independent power producer business through subsidiary Inox Neo and its solar manufacturing business through Inox Solar Ltd.
The Vena Energy India acquisition gives the group a larger base of operating renewable assets while adding substantial solar, wind and battery storage capacity to its future pipeline.
