Inox Clean Energy is reportedly close to acquiring Athena Renewables from UK-based investment firm Actis in a deal valuing the renewable energy platform at around Rs 2,500 crore.
The transaction is understood to have reached an in-principle agreement, with signing expected shortly. If completed, the acquisition would take Inox Clean Energy’s total operational renewable energy capacity to nearly 5 GW.
Athena Renewables, established by Actis in 2020, owns four solar projects with a combined capacity of 554 MW. These include the 336 MW Rewa project in Madhya Pradesh and three 72 MW projects in Andhra Pradesh.
The assets operate under 25-year power purchase agreements with government-owned entities and distribution companies, providing long-term contracted revenues.
The potential acquisition comes as Inox Clean Energy expands across renewable power generation and solar equipment manufacturing, while also preparing for a planned initial public offering.