Inox Clean Energy’s subsidiary, Inox Neo Energies, has completed the acquisition of Skypower Solar India Pvt Ltd for ₹265 crore, adding a solar plant in Madhya Pradesh to its portfolio. Commissioned in 2018, the power plant operates under a 25-year PPA (Power Purchase Agreement), ensuring long-term stable cash flow.
This transaction is a strategic acquisition that adds value to the portfolio of Inox Clean Energy, aligning with their broader business goals. The deal was completed at an enterprise value to EBITDA of approximately 5.3x and wind assets over the next few years.
INOXGFL Group is in diverse segments, including battery materials, wind and solar equipment manufacturing, renewable energy, and more. The group has four listed companies, which together have a market capitalisation of about $10 billion.
Bharat Saxena, CEO of Inox Clean Energy Ltd, expressed in a statement, “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.”
