Inox Neo Energies Private Limited, the renewable independent power producer arm of Inox Clean Energy Limited (part of the INOXGFL Group), has completed the acquisition of Skypower Solar India Private Limited in a deal valued at approximately Rs 2.65 billion. The transaction covers a 50 MW (AC)/57.5 MWp (DC) operational solar project located in Madhya Pradesh. Moreover, the transaction results in a trailing enterprise value to earnings before interest, taxes, depreciation, and amortization ratio of approximately 5.3 times, reportedly falling within the valuation framework of the parent group.
The acquired project, commissioned in the financial year 2017-2018, is situated in the Khandwa district of Madhya Pradesh. The power generated from the plant is tied to a 25-year power purchase agreement with Madhya Pradesh Power Management Company Limited. This transaction is part of Inox Clean Energy’s broader strategy to scale its renewable energy capacity both organically and inorganically, with a longer-term plan to reach 3 GW of hybrid installed capacity in the next few years.
In May 2025, Inox Green Energy Services Limited, also a part of the INOXGFL Group, secured operation and maintenance contracts for 639 MWp of solar projects spread across multiple locations, reportedly owned by a leading Indian renewable energy company.
