Inox Clean Buys SunSource’s 250MWp Solar Portfolio

• Inox Clean snaps up 250‑MWp SunSource portfolio, eyes 50 MWp more, fueling 3‑GW-by‑2026 push, blue-chip C&I PPAs, and a revived INR 60b IPO.

Inox Clean Energy, part of INOXGFL Group, acquired a 250-MWp solar portfolio from SunSource Energy via Inox Neo Energies and is negotiating an additional 50 MWp, subject to approvals. The deal supports Inox Clean’s target of 3 GW renewables by fiscal 2026. SunSource is owned by Netherlands-based SHV Energy.

The 250-MWp assets span 13 Indian states with PPAs averaging 24 years, supplying C&I customers including Britannia Industries, Jubilant FoodWorks, Hitachi Energy and Max Healthcare. Inox Clean, which recently agreed to buy Macquarie’s Vibrant Energy platform, plans to resume IPO proceedings after a temporary withdrawal, targeting INR 60 billion (about USD 665 million).

How will the 250-MWp C&I portfolio impact Inox Clean’s EBITDA and IPO valuation?

• Incremental generation: ~390–430 GWh/year (assumes 18–20% CUF for distributed C&I solar across multiple states)
  
• Revenue uplift: INR 1.8–2.4 billion/year (assumes blended C&I tariff INR 4.5–5.5/kWh; wheeling/charges largely pass-through or contractually covered)
  
• EBITDA contribution: INR 1.2–1.8 billion/year (50–75 bps margin uplift vs utility-scale due to higher C&I tariffs; O&M ~INR 0.6–0.8 mn/MWp; minimal merchant exposure)
  
• Cash yield: 11–14% unlevered; 15–18% levered (post-debt service), supported by ~24-year PPA tenor with blue-chip offtakers
  
• Working-capital benefit: Faster receivables cycle vs state DISCOMs improves cash conversion and DSCR, supporting additional project debt at lower spreads
  
• Valuation impact (standalone): At 9–12x EV/EBITDA for operating renewables, the 250 MWp adds INR 11–22 billion to enterprise value; the negotiated extra 50 MWp could add INR 2–4 billion more
  
• IPO read-through: Higher contracted EBITDA lifts base-year run-rate, enabling a higher equity valuation and potentially larger primary raise without excessive dilution
  
• Multiple support: Diversified C&I offtake with marquee names can justify a small premium to sector EV/EBITDA (by 0.5–1.0x) for lower payment risk and portfolio diversification
  
• WACC reduction: Geographic spread and counterparty mix can shave 25–50 bps off cost of equity and enable cheaper project refinancing, further accretive to valuation
  
• Synergy with Vibrant acquisition: Aggregated scale improves O&M and procurement efficiencies, adding 50–100 bps EBITDA margin upside on the combined portfolio over 12–18 months
• Sensitivities: Every INR 0.25/kWh tariff variance shifts EBITDA by ~INR 100–110 million/year; every 1% CUF change shifts EBITDA by ~INR 90–100 million/year
• Net effect: +INR 1.2–1.8 billion to annual EBITDA, +INR 11–22 billion to EV, supporting a higher IPO valuation and stronger investor demand via stable, long-tenor C&I cash flows