IPO-bound Inox Clean Energy May Acquire 650 MW from Evergreen Ahead of IPO

IPO-bound Inox Clean Energy is reportedly set to acquire 650 MW of under-construction green energy projects from Evergreen Renewables, according to the Economic Times report. 

Evergreen is building these projects at an estimated cost of ₹4,000 crore, with part of the investment already deployed. The targeted portfolio comprises five hybrid projects combining wind and solar energy.

Role of Inox Neo

The transaction will be executed through Inox Neo, the renewable energy-generating subsidiary of Inox Clean and part of the INOXGFL Group. While the exact financial details of the deal remain undisclosed, the move aligns with Inox Clean’s broader strategy to strengthen its renewable energy portfolio ahead of its upcoming public issue.

Evergreen’s Growing Footprint

Evergreen Renewables, the Indian arm of Mauritius-based Evergreen Power, currently operates 300 MW of completed projects in India and is building a pipeline of 1,400 MW across Gujarat, Tamil Nadu, and Karnataka. The company’s growing presence in hybrid renewable projects positions it as a significant player in the Indian green energy transition.

IPO Plans and Sector Outlook

Inox Clean Energy, which manages renewable power generation and equipment manufacturing under the INOXGFL umbrella, has ambitious expansion plans. The company is targeting a ₹6,000-crore initial public offering (IPO) in the March quarter, having filed its draft prospectus with SEBI in July 2025.

Earlier, the group announced plans to invest around ₹40,000 crore in the next 2-3 years to expand its chemical and renewable energy businesses. The renewables portfolio spans solar, wind, and emerging technologies like green hydrogen.

The timing of the acquisition coincides with heightened interest in India’s renewable energy IPOs. ET reported that the primary market could see issues worth nearly ₹25,000 crore from green energy companies, following successful listings of NTPC Green, Waaree Energies, and Vikram Solar in the past year.

Also Read: Inox Green Adds 189.1 MWp to Solar O&M Portfolio!

Conclusion

If completed, the acquisition of Evergreen’s 650 MW portfolio will bolster Inox Clean’s growth trajectory while offering investors an expanded pipeline ahead of its IPO. This move further underlines the INOXGFL Group’s commitment to scaling up its renewable energy footprint and capitalising on India’s accelerating clean energy transition.

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