Inox Clean Energy Limited, part of the INOXGFL Group, has completed the acquisition of Vena Energy India Holdings Pte Ltd, the Indian renewable energy platform of Vena Group, which was owned by BlackRock-owned GIP. The transaction has a total value of approximately Rs 60 billion. The acquisition was funded entirely through internal equity and refinancing.
Vena Energy India has an approximately 1 GW operational renewable energy portfolio. It also has 1.7 GW of solar and wind capacity and 1.2 GWh of battery energy storage system (BESS) capacity at advanced stages of development, along with a development pipeline of 2.7 GW of solar and wind capacity and 1.3 GWh of BESS capacity. Following the acquisition, Inox Clean’s operating and near-operational portfolio is expected to reach around 4 GW. In addition, its development pipeline will exceed 12 GW of solar and wind capacity and 2.5 GWh of BESS capacity.