# Inox Clean Energy nears Rs 2,500 crore Athena Renewables deal

> India's renewable energy player Inox Clean Energy is close to acquiring Actis-owned Athena Renewables for Rs 2,500 crore, boosting its capacity ahead of an IPO.
- Title: Inox Clean Energy nears Rs 2,500 crore Athena Renewables deal
- Summary: India's renewable energy player Inox Clean Energy is close to acquiring Actis-owned Athena Renewables for Rs 2,500 crore, boosting its capacity ahead of an…
- Keywords: inox clean energy, athena renewables, actis, acquisition, renewable energy, solar power, india, initial public offering, power generation, solar equipment manufacturing, Inox, Clean
- Source: The Economic Times — https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-nears-rs-2500-crore-acquisition-of-actis-owned-athena-renewables/articleshow/134396656.cms
- Author: Mohit Bhalla and Reghu Balakrishnan
- Published: 2026-09-21T18:41:00+00:00
- Read time: 1 min
- Topics: inox clean energy, athena renewables, actis, acquisition, renewable energy, solar power, india, initial public offering, power generation, solar equipment manufacturing
## Inox nears Rs 2,500 crore deal
Inox Clean Energy is close to acquiring Athena Renewables from UK-based fund Actis for Rs 2,500 crore. Both sides have reached an in-principle agreement.
## Multiple bidders competed
Independent power producers and private equity firms competed to acquire Athena Renewables, but Inox Clean Energy emerged as the winner.
## Inox scales up before IPO
Inox Clean Energy operates renewable power generation and solar equipment manufacturing. It has been acquiring assets to scale up quickly ahead of a planned initial public offering.
## Capacity jumps to 5 GW
The Athena acquisition would bring Inox's total operational renewable energy generation capacity to close to 5 GW. Its pipeline of projects under construction could be twice as large.
## Athena's strong asset base
Athena operates four solar power plants with 554 MW combined capacity, including a 336 MW plant at Rewa and three 72 MW plants at Ananthapuramu. Assets have seven and a half years of operational track record.
## Secure long-term contracts
Athena sells power under 25-year agreements to government-owned entities and distribution companies. Its offtakers have credit quality equivalent to the central government.
## Key takeaway

Inox Clean Energy is acquiring Athena Renewables for Rs 2,500 crore to scale up its renewable energy capacity to 5 GW before going public.