Inox Clean Buys 300 MW SunSource Renewable Portfolio for INR 1,000 Crore

Inox Clean Energy recently acquired SunSource Energy's solar assets as part of a massive wave of mergers and acquisitions (M&A) in the Indian renewable energy sector. The company's pre-IPO fundraising efforts, internal accruals, and promoter capital would all be used to finance the acquisition. Bound for an initial public offering According to two sources with knowledge of the proceedings, Inox Clean Energy has finalised an agreement to purchase SunSource Energy's 300 MW solar power portfolio from the Dutch multinational SHV Energy for INR 1,000 crore ($111 million). Numerous media sources state that the acquisition's deal is worth approximately INR 1,000 crore.

Inox Clean may soon submit a new DRHP (draft red herring prospectus) for its public listing due to the numerous new acquisitions. Moneycontrol announced on January 2 that SHV Energy has reached an agreement to sell the INOXGFL group its approximately 290 MW Indian solar portfolio. In June, CareEdge Ratings reported that the company's operational capacity was 157 MW, with 107 MW coming from solar and the remaining 50 MW from wind. According to the study, 400 MW of capacity was being built as of June.

How the Acquisition will Help to Enhance Portfolio of Inox Clean?

Through the acquisition, Inox Clean's renewable portfolio will grow in size. The announcement of the acquisition of Macquarie Group's renewable energy platform, Vibrant Energy, for an enterprise value of $600 million was made two weeks prior by the INOXGFL Group, a subsidiary of Inox Clean Energy Ltd. The transaction would be financed by internal accruals, promoter capital, and pre-IPO fundraises. INOX Clean Energy is anticipated to make a new filing after withdrawing its INR 6,000 crore public listing application last month.

According to another report, the company already has a commitment to raise about INR 5,000 crore in funds prior to the IPO. About six bidders, including INOXGFL Group, were reportedly shortlisted to perform due diligence for Vibrant Energy under a transaction code known as "Project Notos", according to multiple media outlets. Actis LLP, owned by General Atlantic, Torrent Power Ltd, and Singapore's Sembcorp Industries Ltd, was among the other bidders.

Changing Dynamics of India’s Renewable Energy Sector

Over the past year, India's renewable energy sector has witnessed numerous transactions, driven by governmental policies promoting energy transition and investment from international and domestic entities, including investors and energy companies. In December of last year, JSW Neo Energy acquired O2 Power, which was owned by Singapore's Temasek and the European alternative asset management EQT, for an enterprise value of $1.47 billion.

The founders of the Greenko Group, Anil Chalamalasetty and Mahesh Kolli, hold AM Green B.V., which purchased a 17.5% share in Greenko Energy Holdings from Japan's financial services company Orix Corp. in June of this year. In April 2025, Hexa Climate Solutions purchased Fortum India Pvt Ltd (FIPL), and in February 2025, ONGC NTPC Green Pvt Ltd (ONGPL) purchased Ayana Renewable Power Pvt Ltd, which was supported by the National Investment and Infrastructure Fund (NIIF). Earlier in March, PTC Energy's 288 MW wind assets were purchased by ONGC Green, ONGC's renewable energy division.