Inox Clean Energy Acquires Vena Energy India's 5.4 GW Solar/Wind and 2.5 GWh BESS Platform from Vena Group
Inox Clean Energy has signed a definitive agreement to acquire 100% of Vena Energy India from Vena Group, comprising approximately 1 GW of operational capacity, 1.7 GW of advanced-stage solar and wind assets plus 1.2 GWh BESS, and a 2.7 GW development pipeline plus 1.3 GWh BESS. The deal is Inox Clean's tenth acquisition in ten months and will bring its near-operational portfolio to approximately 4 GW.
Transaction date: · Source: inoxclean.com
Key facts
- Transaction date
- Technology
- Solar PV, Onshore Wind, Battery Storage (BESS)
- Capacity
- 5,400 MW
- Transaction price
- Not disclosed
- Buyer
- Inox Clean Energy
- Seller
- Vena Group
- Country
- India
- Region
- Multiple states across India
- Continent
- Asia
- Development status
- Operational
- PPA
- Yes
Technology details
Full platform comprising approximately 1 GW of operational capacity; 1.7 GW (solar and wind) and 1.2 GWh (BESS) of advanced-stage assets; and 2.7 GW (solar and wind) and 1.3 GWh (BESS) of development pipeline. Total platform: approximately 5.4 GW solar and wind + 2.5 GWh BESS. Technologies include solar, wind and hybrid projects. Long-term power offtake arrangements with SECI, GUVNL, C&I consumers and state distribution companies.
Power purchase agreement (PPA)
Long-term power offtake arrangements with Solar Energy Corporation of India (SECI), Gujarat Urja Vikas Nigam Limited (GUVNL), commercial and industrial (C&I) consumers, and state distribution companies.
Additional information
100% equity acquisition of Vena Energy India Holdings Pte Ltd, subject to customary closing conditions and regulatory approvals. This is Inox Clean Energy's tenth strategic acquisition in the last 10 months. Upon completion, Inox Clean's operating and near-operational portfolio will reach approximately 4 GW with a development pipeline exceeding 12 GW and 2.5 GWh BESS. Vena Energy India has approximately 80 employees. Morgan Stanley and MUFG acted as financial advisers to Vena Group. Capacity stated (5,400 MW) reflects total platform solar and wind capacity.
Source
Original announcement: https://inoxclean.com/media