$1 Billion Renewable Energy Deal Shakes Up India's Green Power Market

In a major development in India's renewable energy landscape, global infrastructure firm Global Infrastructure Partners (GIP) has initiated the sale process for its Indian renewable energy platform, Vena Energy India. The deal, code-named Project Indigo, is expected to have an enterprise value of around $1 billion.

The sale marks GIP's full exit from its investment in Vena Energy, a Singapore-based renewable energy developer that GIP had acquired in 2017 along with partners CIC Capital and PSP Investments. Vena Energy India, which was previously part of Equis Energy's Indian portfolio, now operates 957 megawatts (MW) of renewable power assets, with an additional 59 MW under construction.

The momentum in India's clean energy sector is underpinned by the country's ambitious renewable energy targets and supportive government policies. In the first half of 2025, the renewable energy sector has accounted for around $8.5 billion worth of deals, roughly 80% of all power sector transactions in the country. India is aiming to add 50 GW of new renewable capacity annually to reach 500 GW by 2030, 1,800 GW by 2047, and 5,000 GW by 2070 as part of its net-zero roadmap.

The sale of Vena Energy India is the latest in a series of high-profile deals in the Indian renewable energy market, which has attracted significant global investor interest. Recent transactions include JSW Neo Energy's acquisition of the 4.6 GW O2 portfolio and ONGC NTPC Green's 4.1 GW Ayana platform deal.