Inox Clean Energy Private Limited has announced the acquisition of a 300 MW green power portfolio from SunSource Energy Private Limited in a deal valued at approximately ₹1,000 crore. This strategic move significantly expands Inox Clean Energy’s renewable energy footprint and solidifies its position as a key player in India’s rapidly growing green energy sector.
The portfolio comprises a mix of solar and wind projects located across Maharashtra, Karnataka, and Rajasthan, states renowned for their favorable renewable energy policies and resource availability. These projects are fully operational and have long-term power purchase agreements (PPAs) with various state distribution companies and private sector clients, providing a stable revenue stream for Inox Clean Energy.
According to sources familiar with the transaction, Inox Clean Energy intends to leverage these assets to further enhance its integrated renewable energy offerings, including round-the-clock power supply solutions. The acquisition aligns with Inox’s broader vision of becoming a leading provider of clean and sustainable energy solutions in India.
Deal Details and Financial Implications
The ₹1,000 crore deal was financed through a combination of internal accruals and debt. Legal counsel for Inox Clean Energy was provided by Khaitan & Co., while AZB & Partners advised SunSource Energy. The transaction underwent rigorous due diligence to ensure compliance with regulatory requirements and a smooth transition of ownership.
SunSource Energy, backed by Shapoorji Pallonji Group, plans to utilize the proceeds from the sale to strengthen its balance sheet, fund ongoing projects, and invest in new avenues for expansion, including emerging technologies in the energy storage and green hydrogen spaces. This move highlights SunSource’s commitment to strategic asset rotation.
Industry analysts believe this deal exemplifies the increasing appetite for renewable energy assets in India, driven by the government’s ambitious targets for clean energy capacity addition and the growing demand for sustainable power solutions from businesses. The trend is expected to continue as more companies seek to decarbonize their operations.
Inox Clean Energy currently has a combined portfolio of over 1.5 GW of renewable energy projects across India. This acquisition will bolster that capacity and contribute significantly towards its goal of reaching 4 GW of installed capacity by 2028. The company focuses primarily on wind, solar, and hybrid renewable energy projects, catering to both industrial and utility customers.
The company is also actively exploring opportunities in green energy storage and hydrogen development. The acquisition assists in accelerating those growth plans. This deal is viewed as a positive step for both Inox Clean Energy and SunSource, paving the way for further innovation and growth within India’s dynamic renewable energy landscape.
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