Inox to add 300 MW solar assets in ₹1,000-crore deal

Inox Clean Energy has agreed to acquire SHV Energy-owned SunSource’s solar portfolio

- Rituraj Baruah

The deal is expected to be announced on Monday and marks another major acquisition ahead of Inox Clean's planned public listing.

(BLOOMBERG)

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 to be made 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 cited 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 underdevelopment 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 CareEdge Ratings report in June, the firm had operational capacity of 157 MW, of which 107 MW was solar and 50 MW was wind. As of June, it had 400 MW under construction capacity.