Morgan Stanley, MUFG launch $1 billion sale of Vena Energy India

The deal comes at a time when global capital is steadily flowing into India’s clean energy market.

The sale, codenamed Project Indigo, sees Global Infrastructure Partners fully exit its investment in Vena Energy. The sales process was officially launched this month. GIP itself was acquired by BlackRock Inc. in October last year. was purchased by. Vena Energy India operates 957 megawatts (MW) of renewable energy assets and another 59 MW is under construction.

GIP, CIC Capital Corp. (CIC Capital) and the Public Sector Pension Investment Board (PSP Investments) acquired Singapore-based renewable energy developer Equis Energy for $5 billion in October 2017. This acquisition included $1.3 billion in debt and Equis’ India portfolio comprising green energy platforms Energon and Energon Soleq. The assets were later rebranded as Vena Energy and structured as a corporate platform in Singapore.

“The weighted average residual power purchase agreement (PPA) of Vena Energy projects is 17 years and ₹4.5 per kilowatt hour (kWh) or per unit weighted average tariff,” said one of the two people who wished to remain anonymous.

Vena Energy has been operating in India for over a decade through its earlier avatar Equis Energy. Its portfolio includes an advanced pipeline of 1.25 gigawatts (GW) of solar and wind projects and 752 megawatt-hours (MWh) of battery energy storage systems (BESS). There are also 1.46 GW of early and mid-stage solar and wind projects under development and an additional 100 MWh of BESS capacity.

Spokespeople for GIP and MUFG declined to comment. Questions emailed to representatives of Vena Global Group, Morgan Stanley, CIC Capital and PSP Investments on Sunday night remained unanswered at the time of publication.

There is an increase in green energy agreements

India’s renewable energy sector is driving M&A activity, accounting for deals worth around $8.5 billion in the first half of the current financial year, accounting for nearly 80% of all power sector transactions, according to EY. The report stated that India currently has more than 60 major global investors in the field of green energy.

“In Asia Pacific, India stands out as a dynamic market with energy security and ambitious clean energy targets (supported by government initiatives in renewable energy, battery storage and green hydrogen) creating a conducive environment for M&A activity,” PwC wrote in its 2025 mid-year outlook report.

The PwC report said: “Asia Pacific continues to focus on investments in electrification and critical mineral supply chains, as well as investments to meet ambitious clean energy targets. For example, in India, targets to achieve 500 GW of non-fossil fuel-based power generation and 61 GW/336 GWh of energy storage by 2030, mergers and acquisitions in renewable energy, green energy and electric vehicles.” directs its activities.”

This momentum is supported by India’s rapid capacity expansion. The country’s installed renewable energy capacity is 245 GW, with the contribution of solar and wind being 116 GW and 52 GW respectively. India aims to reach 500 GW by 2030, 1,800 GW by 2047 and 5,000 GW by 2070 by adding 50 GW of new capacity annually as part of its net zero roadmap.

India accounted for 5.6% of global solar generation growth of a record 306 terawatt-hours (TWh) in the first half of 2025, up 31% year-on-year, according to think tank Ember.

“Examples of recent notable transactions in this space include JSW Neo Energy’s acquisition of the 4.6 GW O2 portfolio and ONGC NTPC Green’s 4.1 GW Ayana platform deal,” the PwC report said.

Investors’ appetite for operational and under-construction assets is strong and hybrid models are attracting interest. Government support is expected to increase M&A energy and infrastructure activity across the region. Two examples of this supportive policy environment include the Indian government’s initiative to integrate biogas into the national gas grid and its recent revision of the Indigenous Content Requirement policy to increase domestic solar cell production.

Recent deal activity underscores growing investor interest.

European alternative asset manager EQT, for example, abandoned plans to sell renewable energy developer Zelestra’s India business, handing it off to its Asia-Pacific infrastructure arm led by Hong Kong-based partner Ken Wong. EQT will invest around $600 million to expand its portfolio and has appointed Parag Sharma, former CEO and founder of EQT and Temasek-backed O2 Power, as the new CEO of Zelestra, replacing Sajay KV.

In another deal, Nasdaq-listed ReNew Energy Global Plc agreed to sell 300 MW of solar assets to Singapore’s Sembcorp Industries Ltd, valuing the equity and business at around $100 million and $190 million respectively. Sembcorp, along with Torrent Power Ltd, Inox Green Energy Services Ltd (owned by INOXGFL Group) and General Atlantic’s Actis LLP, are among the shortlisted bidders for Macquarie Asset Management’s Green Investment Group (GIG) platform Vibrant Energy. The value of the transaction, codenamed Project Notos, is approximately $600 million.

Other big moves include Japan’s Orix Corp. selling its 17.5% stake in Greenko Energy Holdings to AM Green BV, owned by Greenko founders Anil Chalamalasetty and Mahesh Kolli; ONGC NTPC Green Pvt. Ltd is acquiring NIIF-backed Ayana Renewable Power Pvt. Ltd; and a joint venture between ACEN and UPC Renewables, owned by the Philippines’ Ayala Corporation, are set to sell a major stake in their 1 GW Indian project.