Inox Neo Energies Boosts Clean Power Portfolio with ₹265 Crore Solar Asset Acquisition in Madhya Pradesh – EQ
In Short : Inox Neo Energies has acquired a 50 MW solar project in Madhya Pradesh from Skypower Solar India for ₹265 crore. Commissioned in FY18, the project operates under a 25-year PPA with MPPMCL. This acquisition supports Inox’s strategy for accelerated growth and expands its renewable footprint toward its 3 GW hybrid energy target.
In Detail : Inox Neo Energies Pvt Ltd, a subsidiary of Inox Green Energy, has acquired a 50 MW solar power project from Skypower Solar India. The acquisition, valued at ₹265 crore, marks a significant step in Inox’s strategy to expand its renewable energy footprint across India. The solar asset is located in Khandwa, Madhya Pradesh.
The project has an installed capacity of 50 MW AC (approximately 57.5 MW DC) and was commissioned during the financial year 2017-18. It has been operational for several years and has a stable generation record. The project is connected to the grid and contributes to the region’s renewable energy supply.
The acquired solar asset operates under a long-term Power Purchase Agreement (PPA) with the Madhya Pradesh Power Management Company Ltd (MPPMCL). The PPA is valid for 25 years, providing predictable and secure revenue for Inox Neo Energies over the long term. This enhances the financial attractiveness of the deal.
The acquisition aligns with Inox’s larger goal of rapidly scaling its renewable energy capacity. The company aims to reach 3 GW of hybrid capacity through a mix of organic and inorganic growth strategies. This transaction adds a sizable operational asset to its portfolio without the risks associated with greenfield development.
Financially, the acquisition is valued at approximately 5.3 times EV/EBITDA, which is considered reasonable for a stable, income-generating renewable asset. The investment highlights Inox’s focus on disciplined capital allocation and long-term growth in the clean energy sector. It also positions the company as a stronger competitor in India’s growing renewable market.
This move comes amid a broader wave of consolidation and expansion within India’s renewable energy space. Companies like Inox Neo Energies are actively acquiring operational assets to meet national targets and investor expectations. With this acquisition, Inox is better positioned to contribute to India’s clean energy transition.
