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Inox Neo Energies, a subsidiary of Inox Clean Energy Ltd, has acquired Skypower Solar India for an enterprise value of INR 265 crore. The deal includes a 50 MW (AC) / 57.5 MW (DC) solar project located in Khandwa, Madhya Pradesh, which was commissioned in FY18. The project is backed by a 25-year power purchase agreement with Madhya Pradesh Power Management Company Ltd (MPPMCL). The acquisition supports Inox's plan to expand its renewable energy portfolio and is part of its broader goal to reach 3 GW of hybrid installed capacity over the next two to three years.
Inox Neo Energies Pvt Ltd, the renewable energy arm of Inox Clean Energy Ltd, has completed the acquisition of Skypower Solar India Pvt Ltd for an enterprise value of INR 265 crore. The acquired entity owns a solar project with a capacity of 50 MW (AC) / 57.5 MW (DC), located in the Khandwa district of Madhya Pradesh. Advertisement
The project was commissioned in the financial year 2017-18 and has been supplying power under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company Ltd (MPPMCL). This long-term arrangement ensures a stable revenue stream for the asset.
In its official statement, Inox Clean Energy mentioned that the acquisition aligns well with its strategy to grow its independent power production (IPP) capacity both organically and inorganically. The company pointed out that the Skypower asset has strong operational efficiency and financial stability, and is expected to add value from the first day of ownership.
CEO Bharat Saxena noted that the deal fits within the group's valuation framework and supports its ongoing plan to scale up to 3 GW of hybrid installed renewable capacity in the coming two to three years. He also mentioned that the company continues to actively explore similar value-accretive opportunities that align with its long-term energy goals.
This acquisition marks another step in Inox Neo Energies' efforts to strengthen its clean energy footprint through targeted investments in operational assets with reliable performance and secured offtake arrangements.
Source PTI
5th Jun, 2025
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