Inox Clean Energy, the independent power producer (IPP) subsidiary of India’s INOXGFL Group, has acquired an operational solar PV portfolio in India from SunSource Energy.
The portfolio consists of 300MW of solar capacity, with 250MW already acquired by Inox Neo Energies, and the remaining 50MW awaiting approval from SunSource. The projects are spread across 13 Indian states—including Karnataka, Maharashtra, Tamil Nadu and Uttar Pradesh—and all have power purchase agreements (PPAs) in place to sell power generated to commercial and industrial (C&I) offtakers “with strong credit ratings”.
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Inox Clean Energy named Britannia Industries and Hitachi Energy as some of the offtakers involved in the PPAs, and noted that the offtake agreements have an average weighted tenure of 24 years.
“This acquisition will be a key growth driver for our IPP business and is a step towards our mission to offer clear, reliable and affordable renewable energy at scale,” said Bharat Sazena, CEO and whole-time director at Inox Clean Energy, who noted that the company aims to have 3GW of renewable energy capacity in operation by the end of the 2026 financial year.
Alongside acquisitions of solar PV projects, the company has sought to grow a manufacturing base in India. Last September, the company started work at a tunnel oxide passivated contact (TOPCon) module manufacturing plant in the country, and has plans to expand the facility’s capacity from 1.2GW to 3GW. The company plans to expand its total manufacturing capacity of 4.8GW of modules and 2.4GW of cells across two manufacturing plants in India.
