Spread across 13 states, the portfolio runs via special‑purpose vehicles, supplying power under long‑term contracts to high‑rated commercial and industrial customers.
Inox Clean Energy Ltd announced on Monday that its renewables independent power producer (IPP) arm, Inox Neo Energies Ltd, has acquired approximately 250 MWp of operational solar projects from SunSource Energy. The INOXGFL group company added that it is in the process of acquiring another 50 MWp, pending approvals, from the wholly-owned subsidiary of the Netherlands‑headquartered multinational SHV Energy.
The projects, spread across 13 states including Uttar Pradesh, Karnataka, Tamil Nadu and Maharashtra, are operated under various special purpose vehicles (SPVs). Power is sold under long‑term arrangements to multiple commercial and industrial (C&I) players with strong credit ratings.
These projects have locked‑in power purchase agreements (PPAs) with a weighted average tenure of around 24 years, supplying clean energy to major C&I customers across sectors such as manufacturing, FMCG, power equipment, healthcare and pharmaceuticals. Notable customers include Britannia Industries, Jubilant Foodworks, Hitachi Energy, and Max Healthcare.
Commenting on the acquisition, Bharat Saxena, CEO & Director, Inox Clean, said the company is well‑positioned to embark on a major growth drive leveraging its integrated strategy and synergies with the INOXGFL Group.
“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 FY2026‑end and medium‑term target of 10 GW of installed capacity by FY2028. We now have a healthy mix of marquee customers across government and the C&I space,” Saxena added.
The acquisition of the SunSource portfolio marks a major milestone in Inox Clean’s journey towards achieving 3 GW of renewable power generation capacity by FY2026. With the addition of these assets, Inox Clean’s customer base expands further to include blue‑chip Indian companies, global MNCs, and central and state government agencies. With its integrated platform combining renewable power generation and solar manufacturing, Inox Clean is building a large‑scale renewable energy platform offering differentiated solutions to meet diverse energy requirements.