New Delhi, June 4 -- Noida-based Inox Clean Energy Ltd has agreed to acquire the Indian renewable energy platform of Singapore-headquartered Vena Energy, which is backed by Global Infrastructure Partners (GIP), in a deal reportedly valued at around Rs 6,000 crore ($627 million). The transaction marks GIP's exit from operational green energy assets in India.
The acquisition will add a 6-gigawatt (GW) portfolio to Inox Clean Energy, including 1.2 GW of operational assets, 1.8 GW nearing completion, and 3 GW in early-stage development, according to a company statement.
While the deal value was not officially disclosed, media reports pegged the enterprise value at approximately Rs 6,000 crore.
The portfolio includes long-term power purchase agreements with state-backed entities, including the Solar Energy Corporation of India (SECI) and Gujarat Urja Vikas Nigam Ltd, along with commercial, industrial, and state distribution clients.
The transaction marks Inox Clean Energy's tenth strategic acquisition in the past 10 months. These deals have expanded its operational and near-operational portfolio to about 4 GW and pushed its total development pipeline to over 12 GW across solar, wind, and hybrid projects.
Part of the INOXGFL Group, Inox Clean Energy operates its renewable independent power producer (IPP) business through Inox Neo and its solar manufacturing operations through Inox Solar Ltd.
"This acquisition will be yet another important step in our strategy of building a deeply integrated clean energy platform at scale," said Devansh Jain, executive director of INOXGFL Group.
Jain added that a significant portion of Inox Clean's target annual capacity additions of more than 3 GW will be executed by Inox Wind Ltd, while also expanding the operations and maintenance portfolio of Inox Green Energy Services Ltd.
The Vena Energy India deal follows a string of high-profile acquisitions by Inox over the past 10 months. In December 2025, the company bought 1.3 GW of operational plants from Macquarie-owned Vibrant Energy. It followed this with the purchase of 300 MW of solar assets from SunSource Energy for Rs 1,000 crore in January 2026.
The firm has also expanded internationally, acquiring CalPERS-backed SkyPower's India and Africa businesses, and securing manufacturing assets from US-based Boviet Solar for $750 million.
Group chief financial officer Akhil Jindal said the company has committed over Rs 50,000 crore ($6 billion) over the past year across renewable power and solar manufacturing platforms in India, the US, and Africa.
The company aims to reach 10 GW of installed renewable IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. Its existing solar module manufacturing capacity stands at 6 GW, split equally between India and the US.
Two additional cell manufacturing facilities-a 4.8 GW plant in Odisha and a 3 GW plant in the US-are scheduled for commissioning by December 2026.
Inox Clean Energy has also confidentially filed draft papers with India's market regulator for a Rs 6,000 crore initial public offering (IPO), targeting a market capitalization of around Rs 50,000 crore.
Meanwhile, Vena Energy is backed by GIP, which was acquired by BlackRock for $12.5 billion in October 2024. GIP holds a 76% stake in Vena, while China's CIC Capital Corp and Canada's PSP Investments hold the remainder.
The sale of the Indian unit, internally dubbed Project Indigo, was launched in October 2025 through financial advisors Morgan Stanley and Mitsubishi UFJ Financial Group (MUFG).
The assets drew significant interest from a wide range of global and domestic investors looking to expand into India's expanding clean energy sector. Global infrastructure funds and power companies, including Actis, Sembcorp Industries, KKR, and Macquarie, evaluated the assets in early rounds, while Torrent Power also emerged as a potential contender.
As the process moved into the advanced stage, a shortlist of four companies was initially drawn up for due diligence, leaving domestic firms Jindal Renewables and Edelweiss-backed Sekura Energy in the final running, before Inox Clean Energy moved ahead of the competition to secure the winning bid.
In 2022, GIP sold its 700-megawatt (MW) Vector Green Energy platform to Sembcorp for about $345 million. The Vena sale marks its final exit from operational renewable assets in India.
Vena Energy India's assets span Madhya Pradesh, Telangana, Maharashtra, Karnataka, and Gujarat. Key projects include the 108-MW Fatanpur wind farm and the 176-MW Gudadur hybrid project.
Published by HT Digital Content Services with permission from VC Circle.