By Preeti Wadhwa
India’s renewable energy merger and acquisition (M&A) market remains active, with acquisitions emerging as an important growth strategy for developers. The latest example is Inox Clean Energy Limited’s (ICEL) acquisition of Vena Energy India Holdings Pte Limited, announced on June 4, 2026. Vena Energy India’s portfolio comprises approximately 1 GW of operational capacity, 1.7 GW of solar and wind projects and 1.2 GWh of BESS assets at an advanced stage, along with an additional 2.7 GW renewable energy pipeline and 1.3 GWh of battery energy storage system (BESS) capacity under development. The transaction is being executed through the company’s independent power producer subsidiary, Inox Neo, and will add a 5.4 GW solar and wind platform and 2.5 GWh of BESS assets to ICEL’s portfolio. Reportedly, the process attracted interest from several domestic players, including Jindal Renewables and Sekura Energy. The deal remains subject to customary closing conditions and regulatory approvals.
Vena Energy’s diversified portfolio to aid ICEL’s expansion plans
The acquisition comes at a time when scaling up through greenfield development is becoming challenging. Securing land, obtaining transmission connectivity and managing project execution timelines have emerged as key constraints for developers seeking rapid expansion. Against this backdrop, operating and near-operational assets have become highly sought after, offering a faster route to growth, while reducing development risks. For ICEL, Vena Energy’s platform provides not only immediate operating capacity but also access to a sizeable pipeline that can support its next phase of expansion. Upon completion of the transaction, ICEL’s operating and near-operational portfolio is expected to reach around 4 GW, while its overall development pipeline will exceed 12 GW of solar and wind capacity and 2.5 GWh of BESS assets.
For ICEL, the acquisition is the latest step in its growth strategy that has gathered pace over the past year. The company has set an ambitious target of reaching 10 GW of installed renewable energy capacity and 11 GW of integrated solar manufacturing capacity by FY 2028. To support these ambitions, it has pursued a series of acquisitions, spanning both power generation and manufacturing. These include the acquisition of Vibrant Energy, SunSource Energy’s India portfolio, SkyPower and Boviet Solar’s manufacturing assets. Taken together, these transactions point to a strategy focused on building an integrated clean energy platform with capabilities across generation, storage and manufacturing. With the Vena Energy deal, a key positive for ICEL will be the diversity of the assets being acquired. Spread across Madhya Pradesh, Gujarat, Karnataka, Telangana and Maharashtra, the portfolio includes solar, wind and hybrid projects, backed by a mix of central and state offtakers as well as commercial and industrial consumers.
Vena Energy India’s origins can be traced to the acquisition of Singapore-based Equis Energy in 2017, by a consortium led by Global Infrastructure Partners, alongside CIC Capital and Canada’s Public Sector Pension Investment Board, in a transaction valued at approximately $5 billion, including assumed liabilities. Following the completion of the deal in January 2018 and the subsequent rebranding of Equis Energy as Vena Energy, the company’s Indian renewable energy portfolio became part of the Vena Energy platform.
Growing focus on inorganic growth
The transaction reflects the trend of inorganic growth, reshaping the renewable energy sector. As renewable energy platforms mature, infrastructure investors are looking to monetise assets and invest the capital in new opportunities. Acquiring established platforms has, therefore, become an attractive alternative to developing projects entirely from scratch. Several landmark transactions over the past few years illustrate this trend. These include ONGC NTPC Green Private Limited’s acquisition of Ayana Renewable Power, JSW Energy’s acquisition of O2 Power’s 4.6 GW platform for $1.47 billion in December 2024 and Adani Green Energy Limited’s acquisition of SB Energy’s 5 GW portfolio for $3.5 billion in October 2021. Such transactions highlight the growing appetite of strategic investors for operational renewable energy assets and advanced development pipelines.
Net, net, the renewable energy M&A market has remained vibrant over the past few years, with developers focusing on acquisitions to expand their portfolios and accelerate growth. As the sector matures and project development becomes more challenging, more such deals can be expected. A transaction involving Sprng Energy may be the next significant M&A that industry stakeholders are closely tracking.
