$626.7m, or roughly Rs60bn, is the price Inox Clean Energy paid to acquire Vena Energy India, the Indian renewable energy platform of the Vena Group, a portfolio company of BlackRock's Global Infrastructure Partners. The buyer sits within INOXGFL Group and ran the deal through subsidiary Inox Neo Energies, funded through internal equity and refinancing arrangements. The whole process, from signing a definitive agreement to closing, took two months.
Asset inventory at transfer
Vena Energy India's operational book stands at approximately 1GW of renewable capacity. A further 1.7GW of solar and wind assets and 1.2GWh of battery energy storage systems are at advanced development stage. The pipeline still under active development adds another 2.7GW of solar and wind capacity alongside 1.3GWh of BESS.
Contracted offtake underpins that operational base through long-term power purchase agreements with the Solar Energy Corporation of India, Gujarat Urja Vikas Nigam, state utilities, and a range of commercial and industrial clients. Alongside the assets, Vena Energy India's full management team transferred to Inox Clean Energy, maintaining continuity across development, commercial, technical, and operational functions.
Combined position, post-close
Inox Clean Energy's operational and near-operational renewable portfolio is expected to approach 4GW following the transaction, the company said. Its total development pipeline now exceeds 12GW of solar and wind assets, with BESS capacity across that pipeline totaling more than 2.5GWh.
INOXGFL Group executive director Devansh Jain attributed the rapid close to what he described as the group's core execution capability, citing more than 20 years of renewables experience as the basis for its conviction in identifying and acting on the right targets. He called the signing-to-close speed a key differentiator that gives the group an edge over competitors.
The Vena Energy acquisition follows an agreement Inox Neo Energies signed in September 2025 to acquire 640MW of wind-solar hybrid projects in Maharashtra from Evergreen Power Mauritius and Evergreen Renewables.