Inox Neo Energies acquires Skypower Solar India: All about the ₹265-crore deal | Company Business News-OxBig News Network

Inox Clean Energy on Monday announced that its subsidiary, Inox Neo Energies, has successfully completed the acquisition of Skypower Solar India for an enterprise value of ₹265 crore.

The strategic acquisition is aimed at boosting Inox Clean Energy’s renewable independent power producer (IPP) capacity, PTI reported.

INOX Clean Energy is an integrated renewable platform spanning solar manufacturing, including cells and modules, and an IPP platform.

Key details of acquisition

Skypower Solar India has a portfolio comprising 50 MW (AC)/ 57.5 MW (DC) of solar power assets located in Madhya Pradesh, a company statement said.

The transaction values the asset at an enterprise value of around ₹265 crore.

The project which was commissioned in the 2018 fiscal year has a robust 25-year power-purchase agreement (PPA) in place with Madhya Pradesh Power Management Company Ltd (MPPMCL), the news agency reported.

Inox Clean Energy scales up capacity

Bharat Saxena, CEO of Inox Clean Energy, highlighted the importance of the acquisition in the company’s broader growth strategy.

“At Inox Clean, we are 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,” he said.

He also emphasised that this asset has strong operational and financial credentials, and is value-accretive from day one.

Ambitious goals 

Saxena further elaborated on the company’s ambitious goals. “Importantly, the acquisition is well within the Group’s valuation framework and we will 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,” he said.

Inox Clean Energy’s renewable independent power producer arm, Inox Neo Energies, has completed the acquisition of Skypower Solar India, the statement said, adding that the 50 MW (AC) / 57.5 MW (DC) solar project, commissioned in FY18, is located in Khandwa district of Madhya Pradesh.