NEW DELHI — Inox Clean Energy announced on Tuesday that it has successfully completed the acquisition of Vena Energy India Holdings Pte Ltd, the India renewable energy platform of BlackRock-owned Global Infrastructure Partners (GIP). The total transaction value is approximately Rs 6,000 crore.
According to the company's statement, the deal represents one of the fastest signing-to-execution transactions in the renewable energy sector. The entire process was concluded within a span of two months, despite requiring coordination among multiple stakeholders and financing partners.
Inox Clean stated that the entire transaction value was secured through internal equity and refinancing. The company noted that this demonstrates its strong financing capabilities and capacity to execute complex, large-scale transactions quickly.
The acquisition brings a substantial portfolio under Inox Clean's umbrella. Vena Energy India's renewable portfolio includes approximately 1 GW of operational capacity, 1.7 GW of solar and wind assets, and 1.2 GWh of Battery Energy Storage System (BESS) assets at advanced stages. Additionally, the portfolio contains a development pipeline of 2.7 GW of solar and wind and 1.3 GWh of BESS.
Following the completion of this acquisition, Inox Clean's operating and near-operational portfolio is projected to reach about 4 GW. Furthermore, its overall development pipeline will exceed 12 GW of solar and wind and 2.5 GWh of BESS assets.
Devansh Jain, Executive Director of the INOXGFL Group, remarked on the development, stating that the swift completion of the Vena Energy India acquisition demonstrates the group's fast execution capabilities.
Inox Clean functions as the integrated renewable energy platform for the INOXGFL Group. The platform operates across the independent power producer (IPP) business through its subsidiary Inox Neo, and manages its solar manufacturing business via its subsidiary Inox Solar Ltd.
"The completion of this Rs 6,000-crore acquisition within just two months highlights strong execution capabilities and efficient capital management in the renewable energy sector. Securing funding entirely through internal equity and refinancing demonstrates robust financial planning. For large infrastructure and energy platforms, scaling operational capacity rapidly through strategic M&A is an effective way to capture market share and meet growing clean energy demand." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
