In a significant move consolidating India's commercial and industrial (C&I) renewable energy market, Inox Clean Energy Ltd has announced the acquisition of a substantial portfolio of operational solar projects. The company's independent power producer (IPP) arm, Inox Neo Energies Ltd, has secured 250 megawatt-peak (MWp) of assets from SunSource Energy Private Ltd and is in the process of acquiring an additional 50 MWp.
Strategic Expansion in a Booming Market
Although the official transaction value was not disclosed by the companies, sources familiar with the matter indicate the deal is valued at approximately ₹1,000 crore. This acquisition is strategically timed for India's rapidly expanding C&I power sector, where businesses are increasingly shifting to private clean-energy suppliers to meet their electricity needs.
The funding for this purchase is expected to come from a combination of pre-IPO fundraising, internal accruals, and capital from the promoters of Inox Clean Energy. The company is currently preparing for an initial public offering (IPO).
It is important to note that MWp (megawatt-peak) denotes the maximum direct-current power a solar system can produce under ideal laboratory conditions, representing its theoretical peak capacity. This differs from MW (megawatt), which indicates the actual, real-world power output that fluctuates with weather and time of day.
Portfolio Details and National Footprint
The acquired solar projects are spread across 13 Indian states, including major regions like Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra. These assets operate through various special purpose vehicles (SPVs) and sell power under long-term power purchase agreements (PPAs) with a weighted average tenure of 24 years.
The offtakers for this clean energy include a diverse set of blue-chip C&I players from sectors such as manufacturing, fast-moving consumer goods (FMCG), power equipment, healthcare, and pharmaceuticals. SunSource Energy, the seller, is a wholly-owned subsidiary of the Netherlands-based multinational SHV Energy, which has a strong focus on the C&I customer segment.
This acquisition dramatically scales up Inox Clean Energy's renewable portfolio. Prior to the deal, a CareEdge Ratings report from June 2025 noted the company had an operational capacity of 157 MW (107 MW solar and 50 MW wind), with another 400 MW under construction.
Driving Towards Ambitious Capacity Targets
In an official statement, Inox Clean Energy highlighted that this acquisition is a major milestone in its journey to achieve 3 GW of renewable power generation capacity by the end of the 2025-26 financial year. The company also has a medium-term target of reaching 10 GW of installed capacity by FY28.
"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," said Bharat Saxena, CEO and Whole-time Director of Inox Clean Energy. "Vibrant Energy's portfolio and other acquisitions are placing us well to achieve our targets. We now have a healthy mix of marquee customers across government and the C&I space."
This deal follows closely on the heels of another major acquisition by the INOXGFL Group subsidiary. Just a fortnight earlier, it announced the purchase of Macquarie Group's renewable energy platform, Vibrant Energy, for an enterprise value of $600 million.
Context of a Consolidating Renewable Sector
This transaction is part of a larger wave of mergers and acquisitions sweeping through India's renewable energy landscape. The government's ambitious target of achieving 500 GW of renewable capacity by 2030 has spurred intense activity from both global and domestic investors.
As of November 2025, India's total renewable energy capacity stood at 253.96 GW, with an impressive addition of 44.51 GW in the year 2025 alone. The C&I segment, in particular, is projected for massive growth. Santosh Kumar Sarangi, Secretary of the Ministry of New and Renewable Energy, projected in December 2025 that India's C&I capacity could reach 60-80 GW by 2030, up from around 18 GW at the start of 2025.
Other notable deals in the recent past include JSW Neo Energy's acquisition of O2 Power for $1.47 billion in December 2024, and ONGC Green's purchase of PTC Energy's 288-MW wind assets in March 2025. The pace of such consolidation is expected to accelerate as the sector matures.
Inox Clean Energy is part of the INOXGFL Group and acts as the holding company for the renewables IPP business under Inox Neo Energies Limited and the solar manufacturing business under Inox Solar Limited. Queries sent to both Inox Clean Energy and SunSource Energy regarding the exact transaction value remained unanswered at the time of reporting.
