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Inox Clean Energy has acquired 250 MWp of solar projects from SunSource Energy and is acquiring an additional 50 MWp, taking the total capacity to 300 MWp. The projects, located across 13 states including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra, operate under SPVs and supply power to major C&I clients with long-term agreements averaging 24 years. This acquisition supports Inox Clean Energy's plan to reach 3 GW capacity by FY26 and 10 GW by FY28. The company also manufactures solar modules and cells for captive use and third-party sales.
Inox Clean Energy said its arm, Inox Neo Energies, has acquired 250 MWp of solar projects from SunSource Energy and is in the process of acquiring another 50 MWp, which will bring the total capacity to 300 MWp. Advertisement
SunSource Energy, the seller, is a wholly-owned subsidiary of Netherlands-based multinational SHV Energy. The acquired projects are spread across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra, and are operated under multiple Special Purpose Vehicles (SPVs) that sell power to commercial and industrial customers.
These solar projects have long-term power purchase agreements with an average tenure of 24 years. They supply energy to major C&I clients across diverse sectors such as manufacturing, FMCG, power equipment, healthcare, and pharmaceuticals. Notable customers include Britannia Industries Limited, Jubilant Foodworks, Hitachi Energy, and Max Healthcare.
The acquisition marks a significant step for Inox Clean Energy in its strategy to achieve 3 GW of renewable power generation capacity by the end of FY26. The company builds an integrated renewable ecosystem, manufacturing solar modules and cells for its hybrid renewable power generation capacities, with excess capacity sold to third-party customers.
Bharat Saxena, CEO and whole-time Director of Inox Clean Energy, stated that this acquisition will be a key growth driver for the company's independent power producer (IPP) business. He highlighted that Vibrant Energy's portfolio and other acquisitions position Inox Clean Energy to reach its near-term target of 3 GW by FY26 and a medium-term goal of 10 GW by FY28.
Source PTI
5th Jun, 2025
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