The deal reflects accelerating consolidation in India’s renewable energy space, fuelled by policy support and rising investor appetite for clean power platforms.
Inox Clean Energy has signed an agreement to acquire a 300 MW solar power portfolio from SunSource Energy, owned by Dutch multinational SHV Energy, in a deal valued at around ₹10 billion, according to people familiar with the matter. The transaction is expected to be another major acquisition ahead of Inox Clean Energy’s proposed public listing.
The portfolio comprises operational and under-development solar assets spread across multiple Indian states. Once completed, the acquisition will significantly strengthen Inox Clean Energy’s renewable capacity and expand its presence in the country’s fast-growing clean energy market. The deal value is estimated at roughly $120 million and will be funded through a mix of pre-IPO fundraise, internal accruals and capital raised from promoters.
This acquisition comes amid heightened consolidation in India’s renewable energy sector, driven by government policy support for energy transition and increasing investor interest in large, diversified clean energy platforms. Industry watchers say asset buyouts have accelerated as companies seek scale, stable cash flows and readiness for capital market listings.
SunSource Energy, which has a total portfolio exceeding 600 MW across more than 20 states, had appointed BNP Paribas to explore the sale of its Indian solar assets. The transaction follows recent high-profile deals in the sector, including acquisitions involving ONGC Green, Welspun New Energy and Actis-backed platforms.
Inox Clean Energy currently operates about 157 MW of renewable capacity, including solar and wind assets, with nearly 400 MW under construction. The latest deal is expected to further bolster its growth plans as it prepares to refile draft papers for a public issue after withdrawing an earlier ₹60 billion IPO filing.
