This strategic acquisition marks a significant milestone in Inox Clean’s expansion of its renewable energy footprint through the acquisition of projects implemented via SPVs held by the Evergreen Group.
Inox Clean Energy Ltd’s renewable independent power producer (IPP) subsidiary, Inox Neo Energies Ltd, has executed definitive agreements with Evergreen Power Mauritius Pvt Ltd and Evergreen Renewables Pvt Ltd to acquire a portfolio of wind-solar hybrid projects totalling 640 MW of contracted capacity, equivalent to approximately 850 MW of DC capacity.
This strategic acquisition marks a significant milestone in Inox Clean’s expansion of its renewable energy footprint. The projects are being implemented through various special-purpose vehicles (SPVs) held by the Evergreen Group via its holding companies.
Inox Clean Energy and Inox Neo Energies operate under the Noida-headquartered INOXGFL Group, while the Evergreen entities remain independent.
Commenting on the development, Bharat Saxena, CEO & Whole-time Director of Inox Clean Energy, said the acquisition represented a significant step forward in the company’s mission to deliver clean, reliable, and affordable renewable energy at scale.
“Partnering with Evergreen Group allows us to combine our development expertise with high-quality assets that will accelerate India’s energy transition. The acquisition further strengthens Inox Clean’s renewable energy pipeline and aligns with India’s target of achieving 500 GW of non-fossil fuel capacity by 2030.”
The transaction includes five hybrid projects across Maharashtra, awarded through competitive tenders by government-owned SJVN Ltd and NTPC Ltd.
These comprise SJVN Hybrid 1 and 2, each with a capacity of 60 MW; NTPC Hybrid 1 and 2, each with 200 MW; and an additional 120 MW under NTPC Hybrid 2, with the Green Shoe option. The Green Shoe option allows the buyer to add extra project capacity to the original contract at the same agreed tariff.