Independent power producer Inox Neo Energies, an INOXGFL Group company, has executed definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.

The transaction encompasses five wind-solar hybrid projects across Maharashtra, contracted by SJVN under Hybrid Tenders 1 and 2 (120 MW) and NTPC under Hybrid Tenders 1 and 2 (520 MW).

The projects will be connected through the Central Transmission Utility’s 400/220 kV substations in Maharashtra and are being implemented under various special purpose vehicles held by the Evergreen Group through its holding companies.

Bharat Saxena, CEO and Whole-time Director at Inox Clean Energy, said the acquisition will help the company deliver clean, reliable, and affordable renewable energy at scale. In June this year, Inox Neo Energies completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh. The 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.

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

The first half (1H) of 2025 witnessed 50 solar mergers and acquisitions transactions, compared to 40 in the same period in 2024, according to Mercom India’s 1H and Q2 2025 Solar Funding and M&A Report. In 1H 2025, 106 solar project acquisitions totaling 19.9 GW took place, compared to 113 totaling 18.5 GW in 1H 2024.

Investment firms acquired most of the solar projects in Q2 2025, picking up 2.1 GW, followed by oil and gas companies with 1.53 GW.  Project developers and independent power purchasers acquired 1.5 GW of projects. Other companies (insurance providers, pension funds, energy trading companies, industrial conglomerates, and information technology firms) followed with 1 GW, and utilities with 136 MW.