Inox Clean Energy’s renewable arm, Inox Neo Energies, has completed the acquisition of Skypower Solar India at an enterprise value of about Rs 2.65 billion. The portfolio comprises a 50 MW (AC) / 57.5 MW (DC) solar plant in Khandwa district, Madhya Pradesh, commissioned in the 2018 financial year and backed by a 25 year power purchase agreement with Madhya Pradesh Power Management Company.

Chief Executive Bharat Saxena said the project’s robust operating record makes it value accretive from day one and fits the group’s inorganic growth plan. The firm continues to pursue similar opportunities as it works towards installing 3 GW of hybrid capacity within the next two to three years.