Inox Clean Energy Limited (Inox Clean), the renewable energy independent power producer (IPP) arm of the INOXGFL Group, has announced the acquisition of 250 MWp of operational solar power projects from SunSource Energy Private Limited through its subsidiary Inox Neo Energies Limited. The company is also in the process of acquiring an additional ~50 MWp, subject to regulatory approvals, which would take the total acquired capacity to approximately 300 MWp.
SunSource Energy is a wholly owned subsidiary of the Netherlands-headquartered multinational SHV Energy. The acquired solar assets are spread across 13 Indian states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra, among others. These projects are operated through multiple Special Purpose Vehicles (SPVs) and supply power under long-term contracts to a diverse set of commercial and industrial (C&I) customers with strong credit profiles.
The solar projects have long-term power purchase agreements (PPAs) with a weighted average tenure of around 24 years, ensuring stable and predictable revenue streams. Electricity generated from these assets is supplied to leading C&I customers across sectors such as manufacturing, FMCG, power equipment, healthcare, and pharmaceuticals. Key customers include Britannia Industries Limited, Jubilant Foodworks, Hitachi Energy, and Max Healthcare, among others.
The acquisition of the SunSource portfolio marks a major milestone in Inox Clean’s growth journey and strengthens its position in India’s fast-expanding renewable energy market. With this addition, Inox Clean continues to expand its customer base, which already includes blue-chip Indian companies, global multinational corporations, and central and state government agencies.
Commenting on the development, Bharat Saxena, CEO and Whole-time Director, Inox Clean, said,
“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 FY26-end and medium-term target of 10 GW of installed capacity by FY28. We now have a healthy mix of marquee customers across government and the C&I space. We are confident that with Inox Clean’s integrated approach, supported by its current portfolio and synergies within the INOXGFL Group, we are well placed to embark on a massive growth journey ahead.”
Inox Clean is the holding company for the renewable IPP business under Inox Neo Energies Limited and the solar manufacturing business under Inox Solar Limited. The company is building an integrated renewable energy ecosystem, wherein it will manufacture solar cells and modules for captive use as well as third-party sales. Power generated from its assets will be supplied to captive consumers, C&I customers, power exchanges, and other third parties.
Through this integrated model and strategic acquisitions, Inox Clean aims to play a significant role in India’s renewable energy transition while scaling its platform to meet long-term clean energy demand.
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