New Delhi: Inox Clean Energy on Tuesday said it has completed the acquisition of BlackRock-owned GIP's Vena Energy India Holdings Pte Ltd, Vena Group's India renewable energy platform, for a total transaction value of about Rs 6,000 crore.
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 and financing partners, according to a company statement.
The entire transaction value has been secured through internal equity and refinancing, highlighting Inox Clean's strong financing capabilities and ability to execute complex transactions at speed.
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Vena Energy India's renewable portfolio comprises about 1 GW of operational capacity, 1.7 GW of solar and wind and 1.2 GWh of BESS assets at advanced stages, along with an additional 2.7 GW of solar and wind and 1.3 GWh of BESS development pipeline.
Following completion, Inox Clean's operating and near-operational portfolio is expected to reach about 4 GW, with a development pipeline exceeding 12 GW of solar and wind and 2.5 GWh of BESS.
INOXGFL Group Executive Director Devansh Jain said in the statement, "The completion of the Vena Energy India acquisition... demonstrates our fast execution capabilities."
Inox Clean, the integrated renewable energy platform of the INOXGFL Group, operates across the renewable IPP (Independent Power Producer) business under its subsidiary Inox Neo and the solar manufacturing business under its subsidiary Inox Solar Ltd.
