Inox completes ₹6,000 cr acquisition of BlackRock-owned GIP's Vena Energy
The transaction represents one of the fastest signing-to-execution deals in the renewable energy sector, having been completed within two months, despite involving multiple stakeholders
New Delhi: Inox Clean Energy announced on Tuesday the successful completion of its acquisition of GIP's Vena Energy India Holdings Pte Ltd for approximately ₹6,000 crore. This transaction was finalized within two months, marking one of the quickest signing-to-execution deals in the renewable energy sector, despite the involvement of multiple stakeholders and financing partners.
The entire transaction value was secured through Inox Clean Energy's strong internal equity and refinancing capabilities, showcasing the company's efficient financing and deal execution skills.
Vena Energy India's renewable portfolio currently comprises approximately 1 GW of operational capacity, including 1.7 GW of solar and wind energy, along with 1.2 GWh of battery energy storage systems (BESS) assets at advanced stages. The company also has a development pipeline of 2.7 GW of solar and wind projects and 1.3 GWh of BESS in the pipeline.
Post-acquisition, Inox Clean Energy's operating and near-operational portfolio is projected to reach around 4 GW, with a development pipeline exceeding 12 GW of solar and wind capacity and 2.5 GWh of BESS.
Devansh Jain, Group Executive Director of Inox Clean Energy, expressed his satisfaction with the acquisition, stating that it highlights the company's fast execution capabilities. Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, operates through its subsidiary Inox Neo in the IPP business and Inox Solar Ltd in the solar manufacturing sector.
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