Inox Neo Energies Acquires 250 MWp SunSource Solar Assets
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Inox Clean Energy announced that its subsidiary, Inox Neo Energies, has completed the acquisition of 250 MWp worth of solar projects from SunSource Energy.
The company is currently in the midst of finalizing the acquisition of an additional 50 MWp capacity, bringing the total acquired capacity to 300 MWp, as stated by Inox Clean Energy in a press release.
Sun Source is a subsidiary of the multinational corporation SHV Energy, which is headquartered in the Netherlands and operates globally. The projects are located in 13 different states, such as Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra, and are being managed through different Special Purpose Vehicles (SPVs) to distribute electricity to numerous commercial and industrial entities.
The projects have secured extended power purchase agreements that have an average duration of 24 years, providing electricity to significant commercial and industrial customers in various industries such as manufacturing, FMCG, power equipment, healthcare, and pharmaceuticals.
Some of the marquee customers include Britannia Industries Limited, Jubilant Foodworks, Hitachi, and Max Healthcare, amongst others.
The acquisition of the SunSource portfolio is said to be a major milestone in Inox Clean's journey towards achieving 3 GW of renewable power generation capacity by FY26-end.
Bharat Saxena, CEO and whole-time Director, Inox Clean says, "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."
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Inox Clean says that it is building an integrated renewable ecosystem wherein it will manufacture solar modules and cells, to be partly used for captive hybrid renewable power generation capacities, and sold to third-party customers.
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The acquisition is believed to further strengthen Inox Clean Energy’s footprint in the fast-growing commercial and industrial (C&I) renewable energy segment, which continues to see rising demand as corporations look to decarbonize operations and lock in long-term power cost certainty.
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By acquiring operational and under-construction assets with long-tenure PPAs, Ino