Inox Clean Energy Subsidiary Inox Neo Energies Signs Definitive Deals To Acquire 640MW Wind-Solar Hybrid Portfolio from Evergreen Group Across Five Maharashtra Sites

Inox Clean Energy Limited’s renewable independent power producer (IPP) division, Inox Neo Energies Limited, has announced the signing of definitive agreements with Evergreen Power Mauritius Private Limited and Evergreen Renewables Private Limited, collectively known as the Evergreen Group, to acquire its portfolio of wind-solar hybrid projects. These projects have a contracted capacity of 640 megawatts (MW), which translates to approximately 850 MW of direct current (DC) capacity. The acquisition represents a major step in Inox Clean’s strategy to expand its renewable energy presence and underscores its commitment to scaling clean energy solutions.

The portfolio comprises five hybrid projects located in Maharashtra, which were contracted under competitive tenders issued by SJVN Limited and NTPC Limited. The projects include SJVN Hybrid 01 with 60 MW, SJVN Hybrid 02 with 60 MW, NTPC Hybrid 01 with 200 MW, NTPC Hybrid 02 with 200 MW, and NTPC Hybrid 02 (Green Shoe) with 120 MW. These projects are being implemented under various Special Purpose Vehicles (SPVs) managed by the Evergreen Group through its holding companies. All the projects will be connected to the power grid through CTUIL 400/220 kV substations in Maharashtra, ensuring efficient integration into India’s energy infrastructure.

Bharat Saxena, CEO and Whole-time Director of Inox Clean Energy, highlighted the significance of the acquisition, noting that it represents a meaningful step toward delivering clean, reliable, and affordable renewable energy at scale. He emphasized that partnering with Evergreen Group brings together Inox Clean’s development expertise and Evergreen’s high-quality assets to accelerate India’s clean energy transition. The acquisition strengthens Inox Clean’s renewable energy pipeline and directly supports India’s national target of achieving 500 GW of non-fossil fuel energy capacity by 2030.

This strategic move not only expands Inox Clean’s portfolio but also reinforces its position as a key player in India’s renewable energy sector. By acquiring these hybrid projects, Inox Clean aims to contribute significantly to the country’s growing demand for sustainable power while enhancing grid stability and efficiency through hybrid energy solutions.