MP: Inox Clean Energy Arm Acquires 50 MW Skypower Solar Project

Solar Project

INOXGFL Group’s renewable independent power producer arm, Inox Neo Energies Pvt Ltd, has completed the acquisition of Skypower Solar India Pvt Ltd. The acquired company has a portfolio comprising 50 MW (AC) / 57.5 MW (DC) of solar power assets located in Madhya Pradesh.  The transaction values the asset at an enterprise value of ~Rs 265 crores, translating into a trailing EV/EBITDA multiple of ~ 5.3x.  The 50 MW (AC) / 57.5 MW (DC) solar project, commissioned in FY18, is located in the Khandwa district of Madhya Pradesh. The power generated is tied up under a 25-year PPA with Madhya Pradesh Power Management Company Ltd. (MPPMCL). 

On this occasion, Bharat Saxena, CEO, Inox Clean Energy Ltd., said, “At Inox Clean, we are substantially scaling up our IPP capacity under Inox Neo both organically and inorganically. The acquisition of Skypower, a 50 MW solar power asset, aligns well with our inorganic growth strategy. This asset has strong operational and financial credentials and is value-accretive from day one. Importantly, the acquisition is well within the Group’s valuation framework and we continue to be on the lookout for such opportunities which will aid our plans of reaching 3 GW of  hybrid installed capacity in the next 2-3 years.”

INOXGFL Latest Aqusion Aligns With RE Target

Inox’s latest project aligns with its Inox Solar renewable energy targets. The company plans to add an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs 1,500 crores. The company will also provide turnkey EPC solutions, including land acquisition and power evacuation, through its group company Inox Renewable Solutions Ltd. (earlier known as Resco Global Wind Services Ltd.). Through Inox Clean Energy Ltd., the Group has entered into the solar manufacturing business under Inox Solar Limited and is rapidly expanding its renewable power generation business through Inox Neo Energies Private Limited.