Inox Clean Energy Acquires BlackRock-Owned GIP’s Vena Energy India in ₹6,000 Crore Deal

Inox Clean Energy has completed the acquisition of Vena Energy India Holdings Pte Ltd for about ₹6,000 crore, as per The Economic Times news report.  

Vena Energy India is Vena Group’s renewable energy platform in India and is owned by BlackRock’s Global Infrastructure Partners (GIP). 

The transaction was completed within two months of signing, according to the company. Multiple stakeholders and financing partners were involved in the deal. 

Assets Under Vena Energy India 

Vena Energy India has around 1 GW of operational renewable energy capacity. It also has 1.7 GW of solar and wind projects and 1.2 GWh of battery energy storage system (BESS) assets at advanced stages. 

The report suggests that the company has another 2.7 GW of solar and wind projects in its development pipeline. A further 1.3 GWh of BESS capacity is also under development. 

Inox Clean Energy’s Portfolio 

The acquisition takes Inox Clean Energy’s operating and near-operational portfolio to about 4 GW. Its solar and wind development pipeline is expected to exceed 12 GW. The company’s BESS development pipeline is to stand at 2.5 GWh. 

Funding of the Transaction 

Inox Clean Energy said the full transaction value was secured through internal equity and refinancing. The funding covered the entire ₹6,000 crore acquisition value. 

The company noted that the transaction was completed within two months despite involving multiple stakeholders and financing partners. 

Inox Clean Energy Business Operations 

Inox Clean Energy is the integrated renewable energy platform of the INOXGFL Group. Its renewable independent power producer business operates through subsidiary Inox Neo. 

The group’s solar manufacturing business operates through Inox Solar Ltd. The Vena Energy India acquisition adds operational assets and projects under development to Inox Clean Energy’s existing business. 

Management Comment 

INOXGFL Group Executive Director Devansh Jain said the completion of the Vena Energy India acquisition demonstrated the group’s execution capacity. 

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Conclusion 

Inox Clean Energy has completed the ₹6,000 crore acquisition of Vena Energy India. The transaction adds solar, wind, and BESS assets to its portfolio. 

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