Inox Neo Energies Ltd announced the execution of definitive agreements to acquire a 640 MW hybrid energy portfolio from Evergreen Group companies, marking a significant expansion of the company's clean-power pipeline. The acquisition involves wind-solar hybrid projects that will strengthen Inox Clean Energy's position in India's renewable energy sector.

Transaction Details and Project Scope

The deal was finalized through definitive agreements with Evergreen Power Mauritius Pvt Ltd and Evergreen Renewables Pvt Ltd, both part of the Evergreen Group. The portfolio comprises five wind-solar hybrid projects across Maharashtra, with a total contracted capacity of 640 MW. However, financial details of the transaction were not disclosed. The projects are being implemented under various special purpose vehicles of the Evergreen Group through its holding companies.

All five hybrid projects have been contracted under tenders by SJVN Ltd and NTPC Ltd, and will be connected through CTUIL 400/220 kV substations in Maharashtra.

Company Leadership and Strategic Vision

Bharat Saxena, chief executive officer and whole-time director of Inox Clean Energy, described the acquisition as “another step forward in our mission to deliver clean, reliable, and affordable renewable energy at scale.” Saxena emphasized that partnering with Evergreen Group allows the company to combine its development expertise with high-quality assets that will accelerate India's energy transition.

The acquisition aligns with India's target of achieving 500 GW of non-fossil fuel capacity by 2030, according to Saxena. This strategic move strengthens Inox Clean's renewable energy pipeline as the company positions itself for continued growth in the sector.

IPO Preparations and Corporate Structure

The acquisition comes as parent company Inox Clean Energy Ltd prepares for a significant initial public offering. In July, the company filed for its public offering, targeting to raise over INR 6,000 crore, with a major part of the proposed offer being a fresh issue. Inox Clean Energy is part of the INOXGFL Group and serves as the holding company for the renewables independent power producer business held under Inox Neo Energies and the solar manufacturing business under Inox Solar. This corporate structure positions the company to increase partnership opportunities across different segments of the renewable energy value chain.

Current Operations and Future Expansion Plans

According to the company website, Inox Neo Energies aims to achieve an installed capacity of at least 3 GW of hybrid renewable energy over the next two to three years. The company currently operates 107 MW of operational wind capacity and is actively developing large-scale hybrid projects. For its development activities, Inox Neo Energies has awarded or is in the process of awarding turnkey contracts to various players, including Inox Wind, Inox Solar, and third-party solar engineering, procurement, and construction companies.

This approach allows the company to leverage both internal capabilities and external expertise to execute its ambitious expansion plans. The 640 MW acquisition represents a substantial addition to the company's renewable energy portfolio and demonstrates its commitment to scaling operations in India's growing clean energy market. The hybrid nature of these projects, combining both wind and solar technologies, positions the company to maximize energy generation efficiency across different weather conditions and times of day.

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