Inox Clean Energy announced on Tuesday the completion of the deal to acquire Vena Energy India Holdings Pte Ltd, which is owned by GIP and serves as Vena Group's platform for renewable energy in India. The total value of this transaction amounted to approximately 6,000 crore rupees.
According to the company's statement, this deal is one of the fastest in the renewable energy sector, as it was concluded and executed within two months despite the involvement of numerous stakeholders and financing partners.
The entire transaction amount was secured through internal equity and refinancing, highlighting Inox Clean's strong financial capabilities and its ability to execute complex operations promptly.
Vena Energy India's renewable portfolio includes approximately 1 GW of operational capacity, 1.7 GW of solar and wind generation, and 1.2 GWh of advanced-stage Battery Energy Storage Systems (BESS) assets. Furthermore, there is a development pipeline that includes an additional 2.7 GW of solar and wind generation and 1.3 GWh of BESS.
Following the acquisition, Inox Clean's operational and near-operational portfolio is expected to reach approximately 4 GW, while the development pipeline will exceed 12 GW of solar and wind generation and 2.5 GWh of BESS.
Devansh Jain, CEO of INOXGFL Group, stated in his announcement that 'the completion of the Vena Energy India acquisition demonstrates our capability for rapid execution.' Inox Clean, as an integrated renewable energy platform of INOXGFL Group, operates in the Independent Power Producer (IPP) space through its subsidiary Inox Neo and engages in solar panel manufacturing through its subsidiary Inox Solar Ltd.