Inox Clean Energy acquires 300 MWp of operational solar projects from SunSource Energy for ₹1,000 crore

Although the company did not disclose the transaction value, two people in the know of the developments said the acquisition was done for about ₹1,000 crore. It will be funded through pre-IPO fundraises, internal accruals, and capital from the promoters, one these people said.

MWp denotes the maximum direct-current power a system can produce under ideal laboratory conditions, representing its theoretical peak capacity, unlike MW, which indicates actual, real-world power output that fluctuates with weather and time.

Power play

The acquisition is a strategic move in India’s rapidly expanding commercial & industrial (C&I) power market. As more businesses shift to private clean-energy suppliers, the sector appears poised for massive growth. Speaking at a conference in December 2025, Santosh Kumar Sarangi, secretary of the ministry of new and renewable Energy, projected that India’s C&I capacity could reach 60-80 GW by 2030. At the start of 2025, installed C&I capacity was around 18 GW. As of November 2025, India's total renewable energy capacity stood at 253.96 GW, with an addition of 44.51 GW in 2025.

SunSource is a wholly owned subsidiary of the Netherlands-headquartered multinational company SHV Energy, which is focussed on C&I customers. The projects, located across 13 states including Uttar Pradesh, Karnataka, Tamil Nadu and Maharashtra, operate through various special purpose vehicles (SPV), selling power under long-term arrangements (the weighted average tenure of their projects is 24 years) to C&I players across several sectors including manufacturing, fast-moving consumer goods (FMCG), power equipment, healthcare and pharmaceuticals.

The acquisition will add scale to Inox Clean’s renewable portfolio. According to a report by CareEdge Ratings in June, the company had an operational capacity of 157 MW, of which 107 MW was solar and 50 MW was wind. As of June 2025, it had 400 MW of capacity under construction, added the report, in which CareEdge assigned a 'stable' rating to a long-term bank facility of Inox Clean worth ₹190 crore. The agency said its rating was supported by long-term revenue visibility on account of the presence of long-term PPAs (up to 25 years) at fixed tariffs with reputed counterparties such as Gujarat Fluorochemicals and Solar Energy Corporation of India for the majority of the currently operational and under-construction renewable-energy assets.

Inox Clean Energy’s statement read, "The acquisition of the SunSource portfolio is a major milestone in Inox Clean’s journey towards achieving 3 GW of renewable power generation capacity by FY26-end. With the addition of SunSource assets, Inox Clean’s customer base expands further to include multiple blue-chip Indian companies, global MNCs, as well as central and state government agencies."

Bharat Saxena, CEO and whole-time Director, Inox Clean, said, "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. Vibrant Energy’s portfolio and other acquisitions are placing us well to achieve our near-term target of 3 GW by FY26-end and medium-term target of 10 GW of installed capacity by FY28. We now have a healthy mix of marquee customers across government and the C&I space."

Mint reported in October 2024 that SHV Energy had appointed BNP Paribas to sell the solar energy assets of SunSource Energy at an equity value of around $100 million. Sunsource Energy's total portfolio is over 600 MW, including installed and under-development projects across 20 Indian states.

Inox Clean is a part of the INOXGFL Group, and the holding company for the renewables IPP business held under Inox Neo Energies Limited and the solar manufacturing business under Inox Solar Limited.

The development comes a fortnight after the INOXGFL Group subsidiary announced its acquisition of Macquarie Group's renewable energy platform Vibrant Energy for an enterprise value of $600 million. Mint reported in August 2025 that six bidders, including INOXGFL Group, had been shortlisted to conduct due diligence for Vibrant Energy. The other bidders included Singapore’s Sembcorp Industries Ltd, Torrent Power Ltd, and General Atlantic-owned Actis LLP.

M&As galore

With the government focused on achieving 500 GW renewable capacity by 2030 and interest from both global and domestic investors and energy companies, the renewable energy space has seen several deals over the past year.

• In December 2024, JSW Neo Energy acquired O2 Power from European alternative asset manager EQT and Singapore’s Temasek for an enterprise value of $1.47 billion.
• In June 2025, Japan’s financial services firm Orix Corp sold its 17.5% stake in Greenko Energy Holdings to AM Green BV, owned by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli.
• In April 2025, Hexa Climate Solutions acquired Fortum India Pvt Ltd (FIPL), and in February, ONGC NTPC Green Pvt Ltd (ONGPL) bought National Investment and Infrastructure Fund (NIIF)-backed Ayana Renewable Power Pvt Ltd.
• ONGC Green, the renewable energy arm of ONGC, acquired PTC Energy's 288-MW wind assets in March 2025.
• In November 2025 Mint reported that Welspun World had hired EY to sell a majority stake in Welspun New Energy, its clean-energy platform, for an equity value of around $100 million.
• Mint also reported that month that General Atlantic-owned Actis Llp was interested in buying back Sprng Energy from Shell Plc for an enterprise value of around $1.55 billion.

The pace of mergers and acquisitions is expected to increase as India’s renewable energy sector evolves. A PwC report in June 2025 said the energy, utilities and resources (EU&R) sectors were at the forefront of the global transformation and would continue to make their mark in the M&A space beyond 2025.

Queries sent to Inox Clean Energy and SunSource Energy on the transaction value remained unanswered at the time of publishing.