Inox Clean Energy Buys Skypower, Adds 50-MW Indian Solar Portfolio

• INOXGFL’s Inox Clean Energy acquires Skypower Solar India for ₹265 crore, gaining a 50-MW solar asset in Madhya Pradesh backed by a 25-year state PPA.

Inox Clean Energy Ltd (ICEL), the renewables arm of India’s diversified INOXGFL Group, has completed the takeover of Skypower Solar India Private Ltd. in a deal valued at ₹265 crore (about USD 32 million). The acquisition hands ICEL’s independent-power-producer subsidiary, Inox Neo Energies, a fully-operational 50 MW (ac) / 57.5 MW (dc) photovoltaic fleet in Madhya Pradesh, marking the company’s first solar buy in central India.

Commissioned in FY 2018, the Khandwa-district plant exports electricity under a 25-year power-purchase agreement with Madhya Pradesh Power Management Company Ltd (MPPMCL), locking in predictable cash flows through 2043. Recent repowering with higher-efficiency modules has lifted the project’s annual output to roughly 100 GWh, enough to cover the consumption of 95,000 local households and displace about 85,000 tonnes of CO₂ each year.

The transaction also slots neatly into ICEL’s broader growth plan. Chief executive Bharat Saxena said the company aims to reach 3 GW of hybrid wind-solar capacity within the next three years by blending organic greenfield builds with opportunistic purchases of de-risked brownfield assets such as Skypower. The group will integrate the Madhya Pradesh facility into its digital OPTA platform to squeeze incremental yield and evaluate the addition of behind-the-meter battery storage once India’s forthcoming storage tender framework is finalised.

Investor appetite for contracted solar parks remains high in India, where record-setting installation of 24–30 GW of new PV capacity in 2024 alone pushed the national solar fleet past the 100-GW milestone and underscored the country’s march toward a 500-GW non-fossil capacity goal by 2030. Stable, index-linked revenue streams under legacy state PPAs or central feed-in schemes command premium valuations, often pricing like inflation-protected infrastructure bonds rather than merchant power assets.

For INOXGFL, which already manufactures wind turbines, fluoropolymers and battery chemicals, the purchase strengthens vertical integration across its clean-energy businesses. The group is simultaneously expanding wind generation through Inox Wind and exploring solar-module manufacturing under Inox Solar Ltd. to tap India’s new domestic-content rules taking effect in June 2026. Recent consolidation moves—such as the approved merger of Inox Wind Energy with Inox Wind—have streamlined the corporate structure and freed capital for fresh acquisitions.

With Skypower now onboard, Inox Clean Energy’s operating renewables capacity rises to about 400 MW, while its near-term development pipeline exceeds 1 GW. Saxena hinted that more deals are on the horizon: “Assets with solid PPAs and room for optimisation remain scarce; we will continue to act quickly when value-accretive opportunities surface.”