New Delhi, July 17 -- Inox Clean Energy Ltd, part of the INOXGFL Group, is said to be leading the race to acquire a renewable energy company, people familiar with the development told VCCircle.

If the transaction goes through, it would mark yet another acquisition by the company as it expands its renewable energy portfolio.

The company is in the race to acquire Enel Green Power India Pvt Ltd, the Indian renewable energy business of Italian utility Enel.

Enel put its India platform up for sale after an earlier agreement to divest it to Waaree Energies collapsed, more than a year after it had first signed the solar manufacturer as the buyer. The business, comprising solar and wind assets housed under Enel Green Power India, has a potential capacity of 2.5 gigawatts, of which about 640 megawatts is currently operational, spread across more than 20 special purpose vehicles (SPVs).

Inox is reportedly competing with RP Sanjiv Goenka Group's Purvah Green and I Squared Capital-backed Hexa Climate for the asset. Temasek-backed Sembcorp Industries and Macquarie-backed Blueleaf Energy had also been shortlisted earlier in the process but reportedly chose not to submit binding offers, media reports had said earlier this year.

In May this year, media reports said the transaction could fetch an enterprise valuation of around Rs 3,000 crore ($311 million).

Waaree had reportedly originally agreed to pay Rs 792 crore in cash for a 100% stake, with the enterprise value climbing to nearly Rs 3,500 crore after factoring in the target's debt, which it had agreed to assume. The current bidding round followed a fresh due diligence process initiated by Enel for the shortlisted suitors. VCCircle could not independently verify the bid values.

One of the people cited above said Inox is "set to clinch the deal as of now" and that the transaction has been "almost finalised".

"Hexa won't do such a deal, Inox can do any," a second person, a senior renewable energy industry executive, said. A third person echoed this view. All three requested anonymity.

To be sure, a final decision has not yet been taken and the outcome could still change.

Email queries sent to Inox Clean Energy, I Squared Capital, Hexa Climate head Sanjiv Agarwal and RP Sanjiv Goenka Group remained unanswered till the time of publishing this article. Enel declined to comment.

An Inox victory would extend an unusually rapid run of dealmaking for the INOXGFL Group's renewable energy arm. Over the past year, Inox Clean Energy has struck acquisitions spanning Macquarie-owned Vibrant Energy, SunSource Energy, CalPERS-backed SkyPower's India and Africa businesses and, most recently, Vena Group's India platform, alongside an overseas manufacturing acquisition in the US.

The Noida-based company is also flush with fresh capital, having raised Rs 3,100 crore in an equity round in January from investors including CalPERS, Authum Investments and SUN Group Global. It subsequently raised an additional Rs 700 crore from Adar Poonawalla's family office.

Inox has said it is targeting 10 GW of installed independent power producer capacity by FY28, along with 11 GW of integrated solar manufacturing capacity.

Enel's arbitration against Waaree at the International Chamber of Commerce, seeking damages over the collapsed 2025 deal, remains pending. The dispute is expected to weigh on due diligence for any new buyer, given lingering uncertainty over whether the litigation could eventually translate into liabilities for whoever ultimately acquires the platform.

Published by HT Digital Content Services with permission from VC Circle.