Initial public offering-bound Inox Clean Energy has signed a definitive agreement to acquire 300 MW of solar power portfolio of Dutch multinational SHV Energy-owned SunSource Energy for ₹1,000 crore ($111 million), said two people in the know of the developments.
An announcement is expected on Monday.
“The deal value for the acquisition is around ₹1,000 crore. With the slew of fresh acquisitions, Inox Clean may soon file a fresh DRHP (draft red herring prospectus) for its public listing,” said one of the two people mentioned above.
Mint had earlier reported that SHV Energy has appointed BNP Paribas to sell the solar energy assets of SunSource Energy in a deal having an equity value of around $100 million. Sunsource Energy’s total portfolio is over 600 MW, including installed and under-development projects across 20 states in the country.
On 2 January, Moneycontrol reported that SHV Energy had agreed to sell its Indian solar portfolio of around 290 MW to the INOXGFL group.
According to a report by CareEdge Ratings in June, the company had an operational capacity of 157 MW, of which 107 MW was solar and the balance 50 MW was wind. As of June, it had 400 MW capacity under construction, according to the report.
Funding and acquisitions
The development comes a fortnight after the INOXGFL Group subsidiary announced acquisition of Macquarie Group’s renewable energy platform Vibrant Energy for an enterprise value of $600 million.
Mint had earlier reported about six bidders, including INOXGFL Group, being shortlisted to conduct due diligence for Vibrant Energy in a transaction code named ‘Project Notos’. The other bidders in the fray included Singapore’s Sembcorp Industries Ltd, Torrent Power Ltd and General Atlantic-owned Actis LLP.
The acquisition would be funded through the pre-IPO fundraises, internal accruals and capital from the promoters, the person added.
Last month, INOX Clean Energy withdrew its filing for a ₹6,000 crore public listing and is now expected to submit a fresh filing. The company has already got commitment for around ₹5,000 crore of funds to be raised before the IPO, said another person.
The acquisition will add scale to Inox Clean’s renewable portfolio.
Queries sent to the spokespersons of Inox Clean Energy and SunSource Energy remained unanswsered till press time.
M&A momentum in renewables
India’s renewable energy space has seen several deals in the past one year amid the government policy push for energy transition and investment interest from both global and domestic investors and energy companies.
In December last year, O2 Power, which was owned by European alternative asset manager EQT and Singapore’s Temasek was taken over by JSW Neo Energy for an enterprise value of $1.47 billion. In June this year, Japan’s financial services firm Orix Corp sold its 17.5% stake in Greenko Energy Holdings to AM Green B.V., owned by Greenko Group founders Anil Chalamalasetty and Mahesh Kolli.
Earlier, Hexa Climate Solutions acquired Fortum India Pvt Ltd (FIPL) in April 2025, and ONGC NTPC Green Pvt Ltd (ONGPL) bought National Investment and Infrastructure Fund (NIIF)-backed Ayana Renewable Power Pvt Ltd in February 2025. ONGC Green, the renewable energy arm of ONGC, acquired PTC Energy’s 288 MW wind assets earlier in March.
As reported by Mint, Welspun World has hired EY to sell a majority stake in Welspun New Energy, its clean-energy platform, for an equity value of around $100 million. It also reported in November that General Atlantic-owned Actis Llp was ken to buy back Sprng Energy group from Shell Plc in a deal with an enterprise value of around $1.55 billion.
The momentum of merger and acquisitions in India is expected to increase amid an evolving renewable energy space. According to a report by Enerdatics, a data and intelligence provider in the renewable energy space, platform exits and public-to-private transitions are set to rise India and Western Europe, with private equity capital targeting discounted portfolios
A PwC report in June had said the energy, utilities and resources (EU&R) sectors are at the forefront of global transformation, and it will continue to mark their M&A outlook even beyond 2025.
“The convergence of energy security imperatives, decarbonisation mandates, and rapid expansion of digital infrastructure means governing bodies, corporations, and financial investors will need to work together to capture evolving infrastructure opportunities,” the report said.
