IPP Inox completes Vena Energy acquisition for US$627.5 million
Type: Acquisition · Technology: Solar, Storage, Onshore Wind · Country: India · Capacity: 1 GW · Value: $627.5M · Announced: 2026-08-19
Indian independent power producer Inox Clean Energy, a subsidiary of INOXGFL Group, has finalized its acquisition of Vena Energy for INR 60 billion (US$627.5 million). This transaction grants Inox Clean Energy approximately 1GW of operational renewable energy capacity, 1.7GW of solar and wind assets, and 1.2GWh of battery energy storage system (BESS) assets at advanced stages. The deal also includes a development pipeline of an additional 2.7GW of solar and wind and 1.3GWh of BESS. Vena Energy's entire management team will transition to Inox Clean Energy following the acquisition, which was announced in June 2026.
Analysis
Indian independent power producer Inox Clean Energy, a subsidiary of INOXGFL Group, has finalized its acquisition of Vena Energy for US$627.5 million, granting Inox Clean Energy approximately 1GW of operational renewable energy capacity. Vena Energy develops, owns, and operates solar, wind, and energy storage projects across the Asia-Pacific region. Sellers Global Infrastructure Partners (GIP) manage over $100 billion in assets, investing across energy, transport, water, and digital infrastructure, while BlackRock offers investment products and technology. The transaction, announced in June 2026, also includes 1.7GW of solar and wind assets and 1.2GWh of battery energy storage system (BESS) assets at advanced stages, along with a development pipeline of an additional 2.7GW of solar and wind and 1.3GWh of BESS. Vena Energy's entire management team will transition to Inox Clean Energy following the acquisition.
Key points
- Inox Clean Energy acquired Vena Energy for US$627.5 million.
- The deal includes 1GW of operational renewable energy capacity.
- The transaction was announced in June 2026.
- Vena Energy's management team will transition to Inox Clean Energy.
- Sellers include BlackRock and Global Infrastructure Partners (GIP).
Counterparties
- Inox Clean Energy (Buyer)
- Vena Energy (Seller)
- BlackRock (Parent Company)
- Global Infrastructure Partners (Seller)
- InoxGFL Group (Parent Company)
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