- Inox Clean Energy, part of the Indian conglomerate INOX Group, has acquired a 250-MWp solar portfolio from its compatriot SunSource Energy.
- The plants generate electricity for multiple commercial and industrial (C&I) customers across the manufacturing, power equipment, healthcare and pharmaceuticals industries.
Inox Clean Energy, part of the Indian conglomerate INOX Group, has acquired a 250-MWp solar portfolio from its compatriot SunSource Energy and is negotiating to add a further 50-MWp to the purchase.
The bundle was acquired through Inox Neo Energies Ltd, supporting Inox Clean Energy’s goal of reaching 3 GW of renewables capacity by the end of fiscal 2026. The company said that the additional purchase from SunSource, a unit of Dutch-based SHV Energy, is subject to approvals.
The 250-MWp portfolio comprises projects spread across 13 Indian states, including Uttar Pradesh, Karnataka, Tamil Nadu and Maharashtra, operated through multiple special purpose vehicles (SPVs) and supplying power to commercial and industrial customers under long-term power purchase agreements (PPAs) with an average tenor of 24 years.
The plants generate electricity for multiple commercial and industrial (C&I) customers across the manufacturing, power equipment, healthcare and pharmaceuticals industries.
Among the most notable power off-takers are food retailer Britannia Industries and Jubilant Foodworks, tech group Hitachi Energy and Max Healthcare.
“We are confident that with Inox Clean’s integrated approach, supported by its current portfolio and synergies within the INOXGFL Group, we are well placed to embark on a massive growth journey ahead,” said Bharat Saxena, CEO of Inox Clean.
Inox Clean, which last month agreed to buy Macquarie’s renewables platform Vibrant Energy, is expected to resume its initial public offering (IPO) proceedings following a temporary withdrawal of its papers.
The company unveiled its plan to go public last summer, intending to raise INR 60 billion (USD 664.8m/EUR 568.5m).