Inox Neo Energies, a subsidiary of Inox Clean Energy Ltd and part of the INOXGFL Group, has completed the acquisition of Skypower Solar India Pvt Ltd for an enterprise value of approximately INR 2.65 billion. The acquired solar power asset has a capacity of 50 MW (AC) / 57.5 MW (DC) and is located in the Khandwa district of Madhya Pradesh.
Commissioned in FY2018, the project has a 25-year power purchase agreement (PPA) with Madhya Pradesh Power Management Company Ltd (MPPMCL).
The acquisition aligns with Inox Neo Energies’ strategy to expand its renewable energy footprint in India. The company aims to grow its independent power producer (IPP) capacity to 3 GW of hybrid renewable energy—comprising both solar and wind—over the next two to three years, through both organic development and inorganic acquisitions. The company’s target capacity may also include energy storage solutions.
Inox Neo Energies recently secured its first 50 MW wind power project through the Gujarat Urja Vikas Nigam Ltd (GUVNL) Wind Phase-IX auction. Located in Gujarat, this project marks the company’s entry into the wind energy sector.
As part of the INOXGFL Group, Inox Neo Energies leverages synergies across group entities. Inox Wind manufactures wind turbines for upcoming projects, while Inox Green Energy Services manages operations and maintenance for approximately 3.5 GW of wind assets and is expanding into solar and hybrid project O&M services. Inox Solar Ltd. is developing a backward-integrated solar manufacturing base, with planned capacities of 5 GW of solar modules and 2.5 GW of solar cells by 2026.