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Inox Clean Agrees to Buy Vena Energy's India Business

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Inox Clean Energy Ltd, part of India's INOXGFL Group, agreed to acquire Vena Group's India renewable energy business, expanding its clean energy portfolio and project pipeline, the company said in a statement on Thursday.

The acquisition will be made through Inox Clean's subsidiary, Inox Neo, which has entered into a definitive agreement to purchase 100% of the equity interests in Vena Energy India Holdings Pte Ltd. Financial terms of the deal were not disclosed, and the transaction remains subject to customary closing conditions and regulatory approvals.

Vena Energy India owns about 1 gigawatt of operational renewable energy capacity, along with 1.7 GW of advanced-stage solar and wind projects and 1.2 gigawatt-hours of battery energy storage system assets. The platform also includes a development pipeline of 2.7 GW of solar and wind projects and 1.3 GWh of BESS capacity.

The business employs around 80 people and has long-term power supply agreements with customers, including Solar Energy Corporation of India, Gujarat Urja Vikas Nigam Ltd, commercial and industrial users, and state distribution companies.

The acquisition strengthens Inox Clean's position in India's renewable energy sector, where the company has been expanding through a series of acquisitions and investments.

Inox Clean currently has an independent power producer portfolio of about 4 GW and a project development pipeline of roughly 12 GW. It also operates approximately 6 GW of solar module manufacturing capacity, split between India and the United States, and is developing additional solar cell manufacturing facilities in Odisha and the US, expected to be commissioned by the end of 2026.

Following completion of the transaction, Inox Clean expects its operating and near-operational portfolio to reach about 4 GW, while its total development pipeline will exceed 12 GW of solar and wind projects and 2.5 GWh of battery storage assets.

The deal follows several recent acquisitions by Inox Clean, including US-based Boviet Solar's manufacturing assets, Vibrant Energy, SunSource Energy's Indian assets and SkyPower, including its Africa business.

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