Mumbai-based Inox Clean Energy is reportedly nearing an agreement to acquire solar power producer Athena Renewables from UK-based investment firm Actis at an enterprise value of around ₹2,500 crore. The transaction follows an in-principle agreement between the two parties, with Kotak Mahindra Capital appointed to manage the deal.
Established in 2020, Athena Renewables operates a portfolio of solar power projects across India with a combined capacity of more than 554 MW. Its assets include a 336 MW solar project at the Rewa Ultra Mega Solar Park in Madhya Pradesh and three 72 MW projects located at the Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh.
Actis acquired Athena Renewables in 2020 and subsequently operated the company as a wholly owned solar platform. The proposed transaction would mark another significant expansion of Inox Clean Energy’s renewable energy portfolio as the company continues to scale its presence in India’s clean energy sector.
Following the completion of the acquisition, Inox Clean Energy’s operational renewable energy generation capacity is expected to approach 5 GW. The company is also reported to have a renewable energy construction pipeline of approximately twice its operational capacity, highlighting its plans for further expansion.
The acquisition would add more than 554 MW of operating solar capacity to Inox Clean Energy’s portfolio, strengthening its position in utility-scale renewable power generation. The transaction also reflects continued activity in India’s renewable energy asset market, where established infrastructure and operating projects are attracting interest from energy companies and investment firms.
With solar power remaining a major component of India’s renewable energy expansion, the addition of Athena Renewables’ operating assets could provide Inox Clean Energy with a larger base of operational projects while complementing its existing development and construction pipeline.
The transaction is expected to proceed following the in-principle agreement, subject to the completion of the required due diligence, definitive agreements and other applicable conditions. Kotak Mahindra Capital is managing the transaction process on behalf of the parties involved.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
