Inox Clean Energy to Acquire 300 MW Solar Portfolio from SunSource Energy

Inox Neo Energies acquires 250 MWp of solar projects from SunSource Energy. The company is also acquiring an additional 50 MWp, bringing the total to 300 MWp. These projects are spread across 13 states and supply power to major commercial and industrial clients.

Inox Clean Energy has signed an agreement to acquire a 300 MW solar power portfolio. The company’s subsidiary Inox Neo Energies has acquired 250 MWp of solar projects from SunSource Energy, now in the process of acquiring another 50 MWp capacity, taking the total acquired capacity to 300 MWp. SunSource is a wholly-owned subsidiary of the Netherlands-based multinational company SHV Energy.

This acquisition from SunSource Energy supports Inox Clean's target of achieving 3 GW of renewable power by FY26-end highlighting its commitment to clean energy. The projects, located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra, amongst others, are being operated under various Special Purpose Vehicles (SPVs), selling power to multiple commercial and industrial players.

The CEO and whole-time Director of Inox Clean, Bharat Saxena said that this acquisition will be a key growth that drives their IPP business and is a step towards their mission to offer clean, reliable, and affordable renewable energy at scale. He also said that Vibrant Energy's portfolio and other acquisitions are placing them well to achieve their near-term target of 3 GW by FY26-end and medium-term target of 10 GW of installed capacity by FY28.

According to the people who are involved in this acquisition, this agreement signed by Inox Clean Energy to acquire a 300 MW solar power portfolio from SunSource Energy, is a deal valued at around ₹10 billion. The transaction is expected to be another major acquisition ahead of Inox Clean Energy’s proposed public listing.

With nearly 400 MW under construction, Inox Clean Energy presently operates about 157 MW of renewable capacity, including solar and wind assets. After withdrawing an earlier ₹60 billion IPO filing, the latest deal is expected to further strengthen its growth plans as it gets ready to review draft papers for a public issue.

The portfolio is made up of solar assets, that are both operational and under development and are dispersed throughout several Indian states. When the acquisition is finalized, it will greatly increase Inox Clean Energy's renewable capacity and increase its market share in the rapidly expanding clean energy sector of the nation. The estimated $120 million deal value will be financed by a combination of promoter capital, internal accruals, and pre-IPO fundraising.