Inox Clean Energy arm to acquire 640 MW hybrid portfolio from Evergreen Group

Inox Neo Energies Limited, has signed definitive agreements with Evergreen Power Mauritius Private Limited and Evergreen Renewables Private Limited to acquire its portfolio of wind-solar hybrid projects.

Inox Clean Energy Limited’s (“Inox Clean”) Renewable IPP arm, Inox Neo Energies Limited, has announced the execution of definitive agreements with Evergreen Power Mauritius Private Limited and Evergreen Renewables Private Limited (“Evergreen Group”) to acquire its portfolio of wind-solar hybrid projects aggregating to 640 MW of contracted capacity (translating to ~ 850 MW of DC capacity).

This development marks a significant milestone in Inox Clean’s growth journey as it scales its renewable energy footprint. The projects are being implemented under various Special Purpose Vehicles (SPVs) held by the Evergreen Group through its holding companies.

The transaction involves five hybrid projects in Maharashtra, contracted by SJVN Limited and NTPC Limited. The projects include SJVN Hybrid 01 (60 MW), SJVN Hybrid 02 (60 MW), NTPC Hybrid 01 (200 MW), NTPC Hybrid 02 (200 MW), and NTPC Hybrid 02 (Green Shoe) (120 MW).

The projects will be connected through CTUIL 400/220 kV substations in Maharashtra.

Bharat Saxena, CEO and Whole-time Director of Inox Clean Energy, said, “This acquisition marks another step forward in our mission to deliver clean, reliable, and affordable renewable energy at scale. Partnering with Evergreen Group allows us to combine our development expertise with high-quality assets that will accelerate India’s energy transition. The acquisition further strengthens Inox Clean’s renewable energy pipeline and aligns with India’s target of achieving 500 GW of non-fossil fuel capacity by 2030.”