Inox Set to Snap Up Athena Renewables for Rs 2,500 Crore

Inox Clean Energy is nearing the acquisition of Athena Renewables from UK-based investment firm Actis in a deal valued at approximately Rs 2,500 crore. The transaction is close to finalization following an in-principle agreement between both parties.

Actis originally acquired Athena in 2020 as a solar platform comprising two major projects and subsequently expanded its footprint to a portfolio of four solar power plants. Athena's key assets include a 336 MW plant at the Rewa Ultra Mega Solar Park in Madhya Pradesh and three 72 MW independent power plants at the Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh.

This prospective buyout builds on Inox Clean Energy's aggressive expansion strategy, which includes recent acquisitions such as Vibrant Energy (from Macquarie) and Vena Energy (from Global Infrastructure Partners-BlackRock).

Meanwhile, Actis remains a prominent investor in India’s renewable sector, having previously successfully incubated and exited major green energy platforms like Ostro Energy and Sprng Energy.

News by Rahul Yelligetti.