Inox Clean Snaps Up Vena Energy’s 6 GW Portfolio in Massive ₹6,000 Crore Deal

For a massive breakthrough in India’s renewable industry, Inox Clean Energy, part of the INOXGFL Group, has purchased a whopping 6 GW renewable portfolio from Vena Energy India for a total sum of about ₹6,000 crore ($715 million). This acquisition will help Inox Clean take a big step towards becoming one of the world leaders in the production of clean energy.

In particular, the portfolio consists of 1.2 GW of currently active green projects, 1.8 GW projects being commissioned soon, and a 3 GW pipeline of future projects. All these projects, however, have already signed power purchase agreements for at least 20 years with leading state-owned organizations such as SECI and GUVNL and various corporates.

The acquisition is a perfect fit for Inox Clean Energy’s goals. Specifically, the company aims at reaching the 10 GW capacity of generation in the field of green energy and 11 GW of solar module manufacturing by the end of 2028. As was stated by Devansh Jain, the Executive Director of the INOXGFL Group, this is the crucial element for building a truly large and integrated platform for renewable energy.

To say Inox has been on a shopping spree lately would be an understatement. Over the last ten months, they have been snatching up green energy companies worldwide including Boviet Solar in the US, Vibrant Energy, SunSource Energy, and SkyPower. With the parent group already backing four publicly traded companies, this rapid expansion looks like a clear sign that Inox Clean is setting the stage for its own stock market debut later this year.