Mumbai, Jan 05th: Inox Clean Energy Limited (“Inox Clean”), an INOXGFL Group company, announced today that its renewables IPP arm, Inox Neo Energies Limited (“Inox Neo”), has acquired ~250 MWp of operational solar projects (and is in the process of acquiring another ~50 MWp pending approvals) from SunSource Energy Private Limited (“SunSource”).
SunSource is a wholly owned subsidiary of the Netherlands-headquartered multinational company SHV 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 under long-term arrangements to multiple C&I players with strong credit ratings.
The projects have locked-in long-term PPAs with a weighted average tenure of ~24 years, supplying power to major C&I customers across multiple sectors including manufacturing, FMCG, power equipment, healthcare and pharmaceuticals. Some of the marquee customers include Britannia Industries Limited, Jubilant Foodworks, Hitachi Energy, and Max Healthcare, amongst others.
The 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, Mr Bharat Saxena, CEO and whole-time Director, Inox Clean, said, “We are delighted to announce the recent acquisition of SunSource Energy’s operational solar portfolio. 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.”
