A 50MW solar plant in Madhya Pradesh marks Inox Clean Energy’s ₹2.65 billion acquisition of Skypower, accelerating its push toward 3GW renewable capacity.
Inox Clean Energy Ltd, through its subsidiary Inox Neo Energies Pvt Ltd, has acquired Skypower Solar India for ₹2.65 billion. The move strengthens the Group’s renewable energy presence and supports its goal of scaling up clean power generation.
Skypower Solar operates a 50MW (AC) / 57.5MW (DC) solar power plant in Khandwa, Madhya Pradesh. The facility began operations in 2018 and supplies electricity under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company Ltd.
According to a report by Fortune India, the acquisition reflects an enterprise value to EBITDA multiple of 5.3x, highlighting the project’s strong financial position. Inox Clean Energy views this purchase as immediately value-accretive, in line with its long-term growth and investment framework.
Bharat Saxena, the CEO of Inox Clean Energy, noted that the acquisition fits well with the company’s broader growth strategy, which includes both organic development and strategic purchases.
He indicated that the newly acquired asset is robust in terms of both performance and financials and is expected to support the firm’s goal of reaching 3GW of hybrid installed capacity within the next two to three years.
The INOXGFL Group, the parent company, operates across sectors including wind and solar power, fluorochemicals, battery materials, and project development. The Group includes four listed companies—Gujarat Fluorochemicals, Inox Wind, Inox Green Energy Services, and Inox Wind Energy—with a combined market value of approximately $10 billion.
Inox Clean Energy is also expanding its solar manufacturing footprint through Inox Solar Ltd.
