SHV Energy has agreed to sell its Indian solar portfolio of around 290 MW to the INOXGFL Group, according to sources familiar with the development. The assets are housed under SunSource Energy, the platform through which SHV Energy operates its solar business in India.

SHV Energy is a global distributor of off-grid energy, including liquefied petroleum gas and small-scale LNG, and is also active in sustainable fuels and renewable energy solutions. The transaction will mark SHV Energy’s exit from India’s renewable energy sector, the sources said, though the financial value of the deal could not be immediately ascertained.

The exit reflects a broader trend of international investors monetising Indian renewable energy platforms after a phase of heavy capital deployment, even as domestic groups such as INOXGFL continue to expand aggressively to build scale and long-term optionality in clean energy. Spokespersons for SHV Energy and INOXGFL were not immediately available for comment.

The proposed acquisition comes shortly after INOXGFL signed an agreement to acquire Vibrant Energy from the Macquarie Group, underscoring the group’s strategy of expanding its renewable footprint through acquisitions. On December 21, group company Inox Clean Energy Limited announced plans to acquire Vibrant, a diversified renewable energy independent power producer with a total portfolio of 1,337 MW, of which around 800 MW is operational.

Vibrant has long-term power purchase agreements with global commercial and industrial customers, and its projects are spread across states including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh. Commenting on the transaction, Devansh Jain, Executive Director of INOXGFL Group, said that the Vibrant acquisition puts Inox Clean Energy on track to achieve its targeted installed renewable capacity of 3 GW by the end of FY26. He added that the company is aiming to scale its renewable energy portfolio to 10 GW by FY28.