Deal strengthens Inox Clean’s C&I renewable footprint, advances 3 GW capacity target by FY26
Inox Clean Energy Limited, an INOXGFL Group company, has announced the acquisition of around 250 MWp of operational solar power projects through its renewables IPP arm, Inox Neo Energies Limited, from SunSource Energy Private Limited. An additional 50 MWp is currently under acquisition, subject to statutory and regulatory approvals.
SunSource Energy is a wholly owned subsidiary of Netherlands-headquartered multinational SHV Energy. The acquired solar assets are spread across 13 Indian states, including Uttar Pradesh, Karnataka, Tamil Nadu and Maharashtra, and are operated through multiple Special Purpose Vehicles (SPVs).
The projects supply power under long-term power purchase agreements (PPAs) to a diversified portfolio of commercial and industrial (C&I) consumers with strong credit profiles. The PPAs have a weighted average tenure of approximately 24 years, ensuring long-term revenue visibility. End-use customers span sectors such as manufacturing, FMCG, power equipment, healthcare and pharmaceuticals. Key customers include Britannia Industries, Jubilant Foodworks, Hitachi Energy and Max Healthcare, among others.
The acquisition marks a significant milestone in Inox Clean’s growth strategy as it works towards achieving 3 GW of renewable energy generation capacity by the end of FY26. With the addition of the SunSource portfolio, Inox Clean further expands its customer base to include leading Indian corporates, global multinational companies, as well as central and state government entities.
Inox Clean is building an integrated renewable energy platform that combines power generation with solar manufacturing, aimed at delivering customised and scalable clean energy solutions to a wide range of customers.
Commenting on the development, Bharat Saxena, CEO and Whole-time Director of Inox Clean, said the acquisition would act as a key growth driver for the company’s IPP business. He added that the transaction aligns with Inox Clean’s mission to provide clean, reliable and affordable renewable energy at scale.
Saxena noted that recent acquisitions, including the SunSource portfolio and Vibrant Energy’s assets, have positioned the company well to meet its near-term target of 3 GW by FY26-end and its medium-term goal of 10 GW of installed renewable capacity by FY28. He also highlighted that Inox Clean now has a balanced mix of government and C&I customers, supported by synergies within the broader INOXGFL Group.
Of the total approximately 300 MWp portfolio, around 250 MWp has already been acquired, while the remaining 50 MWp is expected to be completed following receipt of necessary approvals.