IPO-Bound Inox Clean Energy to Buy 300 MW of Solar Assets from SunSource for ₹1,000 Cr

IPO-bound Inox Clean Energy has struck a major deal to expand its renewable energy footprint, agreeing to buy a 300-megawatt (MW) solar power portfolio from SunSource Energy for about ₹1,000 crore, according to a Mint report.

SunSource Energy is owned by SHV Energy, a Dutch multinational. The acquisition is part of Inox Clean Energy’s aggressive growth strategy ahead of its planned stock market listing. Sources told Mint that following a series of recent purchases, the company is likely to soon file a fresh draft red herring prospectus (DRHP) for its initial public offering (IPO).

Mint had earlier reported that SHV Energy had appointed BNP Paribas to advise on the sale of SunSource Energy’s solar assets, which were valued at around $100 million. SunSource has a total renewable energy portfolio of over 600 MW, including both operating and under-development projects spread across about 20 Indian states. Another media report had also suggested that SHV Energy was in talks to sell nearly 290 MW of its Indian solar assets to the INOXGFL Group.

According to a June report by CareEdge Ratings, Inox Clean Energy currently has an operational renewable capacity of 157 MW. This includes 107 MW of solar power and 50 MW of wind energy. In addition, around 400 MW of capacity is under construction.

The latest acquisition comes just two weeks after an INOXGFL Group subsidiary announced the purchase of Vibrant Energy, a renewable energy platform owned by Australia’s Macquarie Group, for an enterprise value of $600 million. Mint had earlier reported that six bidders, including the INOXGFL Group, were shortlisted to conduct due diligence for Vibrant Energy under a transaction code-named “Project Notos”.

SunSource acquisition will be reportedly funded through a mix of pre-IPO fundraising, internal company funds and capital support from promoters.

Notably, India’s renewable energy sector has seen a surge in large deals over the past year, driven by government policies supporting clean energy and strong investor interest.

In December last year, JSW Neo Energy acquired O2 Power, owned by EQT and Temasek, for $1.47 billion. More recently, in June, Japan’s Orix Corporation sold its 17.5% stake in Greenko Energy Holdings to AM Green B.V., a firm owned by Greenko’s founders.