Inox Clean Energy Expands: Acquires Skypower Solar for Rs 265 Crore
Inox Clean Energy, through its subsidiary Inox Neo Energies, has acquired Skypower Solar India for Rs 265 crore, adding 50 MW of solar assets in Madhya Pradesh. The move is part of its strategy to expand its IPP capacity and aims to reach 3 GW in the next 2–3 years.
- Country:
- India
In a strategic move to bolster its independent power producer capacity, Inox Clean Energy has announced the acquisition of Skypower Solar India through its arm, Inox Neo Energies. This acquisition is valued at Rs 265 crore and includes a 50 MW solar asset in Madhya Pradesh.
According to Inox Clean Energy, this acquisition aligns with their expansion strategy and strengthens their operational and financial standing from day one. CEO Bharat Saxena expressed the company's commitment to seeking similar opportunities to achieve their goal of a 3 GW hybrid installed capacity in the coming years.
The acquired solar project, initially commissioned in FY18, has a 25-year power purchase agreement with Madhya Pradesh Power Management Company Ltd, ensuring long-term stability and return on investment for Inox Clean Energy.
(With inputs from agencies.)
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