By PTI
Inox Clean Energy on Monday said its arm Inox Neo Energies has acquired 250 MWp of solar projects from SunSource Energy.
The company is also in the process of acquiring another 50 MWp capacity, taking the total acquired capacity to 300 MWp, Inox Clean said in a statement.
SunSource is a wholly-owned subsidiary of the Netherlands-based 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 to multiple commercial and industrial players.
The projects have locked in long-term power purchase agreements 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.
Bharat Saxena, CEO and whole-time Director, Inox Clean, said, in the statement, “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.”
Inox Clean said it builds an integrated renewable ecosystem wherein it will manufacture solar modules and cells, to be partly used for captive hybrid renewable power generation capacities, and sold to third-party customers.
