INOXGFL Group’s subsidiary Inox Neo Energies has completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh.

Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months.

The 50 MW solar project in Khandwa district was commissioned in the financial year 2018. The power generated from the project is tied up under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company.

Bharat Saxena, CEO, Inox Clean Energy, stated that the company is significantly scaling up its independent power capacity under Inox Neo Energies, both organically and inorganically. The solar project’s acquisition is part of Inox Clean Energy’s inorganic growth strategy. The company aims to achieve 3 GW of hybrid installed capacity within the next two to three years.

Earlier this year, the National Company Law Tribunal, Chandigarh bench, approved the merger between Inox Wind Energy and Inox Wind, both INOXGFL Group companies. The companies hope that combining their operations will help them achieve cost savings through economies of scale, improved resource utilization, the elimination of redundant functions and operations, and streamlining of regulatory compliance.

Last December, the INOXGFL Group announced its entry into solar manufacturing through Inox Solar, a privately held entity owned by the promoters. Inox Solar aims to achieve an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, with a capital expenditure of ₹15 billion (~$176.73 million).

In September, IGREL Renewables, INOXGFL Group’s renewable power generation platform, raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio. Investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise through their respective entities.