The MoUs establish strategic partnerships aimed at jointly developing 2.5 GW of wind and 2.5 GW of solar power projects across multiple states in India. Under the MoUs, Inox Green will provide the O&M services for the wind turbine generators and solar modules set up across all the projects under the partnership.

Inox Wind and Inox Solar have separately issued their respective press releases which have been appended in the subsequent pages of this press release.

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•         The operational project, commissioned in 2018, is located in Madhya Pradesh and has a 25-year PPA with MP Power Management Company Limited

•         The enterprise value of ~Rs 265 crores translates into a trailing EV/EBITDA multiple of ~ 5.3x, well within the INOXGFL Group’s valuation framework

Bengaluru, July 01, 2025: INOXGFL Group, one of the leading business Groups in India in the energy transition space, announced today that Inox Clean Energy Limited’s renewable independent power producer (RE IPP) arm, Inox Neo Energies Private Limited, has completed the acquisition of Skypower Solar India Private Limited, which has a portfolio comprising 50 MW (AC) / 57.5 MW (DC) of solar power assets located in Madhya Pradesh. The transaction values the asset at an enterprise value of ~Rs 265 crores, translating into a trailing EV/EBITDA multiple of ~ 5.3x.

The 50 MW (AC) / 57.5 MW (DC) solar project, commissioned in FY18, is located in Khandwa district of Madhya Pradesh. The power generated is tied up under a 25-year PPA with Madhya Pradesh Power Management Company Ltd. (MPPMCL).

On this occasion, Mr. Bharat Saxena, CEO, Inox Clean Energy Ltd., said, “At Inox Clean, we are substantially scaling up our IPP capacity under Inox Neo both organically and inorganically. The acquisition of Skypower, a 50 MW solar power asset aligns well with our inorganic growth strategy. This asset has strong operational and financial credentials, and is value-accretive from day one. Importantly, the acquisition is well within the Group’s valuation framework and we continue to be on the lookout for such opportunities which will aid our plans of reaching 3 GW of  hybrid installed capacity in the next 2-3 years.”

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