Inox Clean Energy to Acquire 650 MW Hybrid Projects

In a significant step to bolster its renewable portfolio, Inox Clean Energy has agreed to acquire 650 MW of solar-wind hybrid projects from Evergreen Renewables, the Indian subsidiary of Evergreen Power Mauritius Ltd.

The projects, which are currently under construction, have an estimated value of ₹4,000 crore, with Evergreen having already invested a portion of the total value. The acquisition will be made through Inox Neo, the renewable generation arm of Inox Clean Energy, which is part of the INOXGFL Group.

This transaction appears to be well-timed as the group is preparing for a ₹6,000-crore IPO in the March quarter, with the aim of unlocking value of its renewable generation and equipment manufacturing assets.

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Currently, Evergreen Renewables has nearly 300 MW of operational projects completed and has a pipeline of 1,400 MW across Gujarat, Tamil Nadu, and Karnataka. With the acquisition of Evergreen, Inox Clean Energy expands its presence in states with high potential, and reinforces its offering in hybrid renewables which are becoming increasingly important to balance India's energy mix.

The INOXGFL Group has pledged to invest close to ₹40,000 crore over the next 2-3 years in its clean energy and chemical businesses. For Inox Clean Energy, this acquisition emphasises its aggressive growth strategy, measuring up with India's renewable energy aspirations, and establishing itself as a serious competitor in a competitive sector.