Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Inox Neo Energies Acquires 50 MW Solar Project from Skypower, Eyes 3 GW Hybrid Capacity

INOXGFL Group’s subsidiary Inox Neo Energies has completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh’s Khandwa district. The project, commissioned in FY2018, is tied to a 25-year PPA with Madhya Pradesh Power Management Company. The acquisition, valued at Rs265 crore (5.3x EBITDA), is part of Inox Clean Energy’s strategy to scale up its independent power portfolio both organically and inorganically, with a target of 3 GW hybrid installed capacity in the next 2–3 years.

This deal follows several recent strategic moves by INOXGFL Group. In early 2024, the National Company Law Tribunal approved the merger between Inox Wind and Inox Wind Energy to unlock synergies, reduce redundancies, and improve regulatory compliance. In December 2023, the Group launched Inox Solar to enter solar manufacturing, aiming to establish 5 GW of solar module and 2.5 GW of solar cell production capacity by 2026 with Rs1,500 crore in planned investment.

Additionally, in September 2023, IGREL Renewables, INOXGFL’s renewable energy platform, raised Rs300 crore in equity from investors including Akash Bhansali and Madhusudan Kela. The funds will support IGREL’s renewable energy expansion plans.