Inox Clean In 250 MWp Buyout Deal With SunSource

Inox Clean Energy Limited (Inox Clean), the renewables IPP arm of the INOXGFL Group, through its subsidiary Inox Neo Energies Limited (Inox Neo), has acquired 250 MWp of operational solar projects from SunSource Energy Private Limited (SunSource). The company is also in the process of acquiring an additional ~50 MWp, subject to approvals. SunSource is a wholly owned subsidiary of the Netherlands-headquartered multinational company SHV Energy.

In a press release sharing these details, Inox said the projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu and Maharashtra, among others. The assets are operated through various Special Purpose Vehicles (SPVs) and sell power under long-term arrangements to multiple commercial and industrial (C&I) customers with strong credit profiles.

The projects have long-term power purchase agreements (PPAs) with a weighted average tenure of approximately 24 years, supplying electricity to major C&I customers across sectors such as manufacturing, FMCG, power equipment, healthcare and pharmaceuticals. Key customers include Britannia Industries Limited, Jubilant Foodworks, Hitachi Energy and Max Healthcare, among others.

Heading Towards 3 GW renewable generation by FY26-end

Inox said the latest round of acquisition of the SunSource portfolio is a major milestone in Inox Clean’s journey towards achieving 3 GW of renewable power generation capacity by FY26-end.

With the addition of SunSource assets, Inox Clean’s customer base expands further to include multiple blue-chip Indian companies, global MNCs, as well as central and state government agencies. With its integrated platform combining renewable power generation with solar manufacturing, Inox Clean is building a large-scale renewable energy platform offering differentiated solutions to address the energy requirements of various customers.

Commenting on the occasion, Bharat Saxena, CEO and whole-time Director, Inox Clean, said, “This acquisition will be a key growth driver for our IPP business and is a step towards our mission to offer clean, reliable, and affordable renewable energy at scale. Vibrant Energy’s portfolio and other acquisitions are placing us well to achieve our near-term target of 3 GW by FY26-end and medium-term target of 10 GW of installed capacity by FY28. We now have a healthy mix of marquee customers across government and the C&I space. 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.”

INOXGFL Group Building Integerated Renewables Ecosystem

Inox Clean is a part of the INOXGFL Group and is the holding company for the Renewables IPP (Independent Power Producer) business held under Inox Neo Energies Limited and solar manufacturing business under Inox Solar Limited. 

Inox Clean is building an integrated renewables ecosystem wherein it will manufacture solar modules and cells which will be partly used to set up captive hybrid renewable power generation capacities as well as sold to third party customers. Post commissioning, the power generated will be sold to captive / 3rd parties / exchanges / C&I customers. The company aims to tap into the synergies and expertise within the INOXGFL Group to scale up its integrated renewables offerings.