India is rapidly emerging as a leader in renewable energy, and every major deal strengthens its path toward the 2030 target of 500 GW of non-fossil fuel capacity. In a significant development, INOX Clean Energy announced on September 11, 2025, that it has signed definitive agreements to acquire a robust portfolio of solar-wind hybrid projects from Evergreen Group. Executed through its renewable IPP arm, Inox Neo Energies Limited, the acquisition reflects the company’s ambition to scale clean power generation while aligning with India’s green energy goals.

The acquired portfolio includes five strategically placed hybrid projects located in Maharashtra, with a total contracted capacity of 640 MW translating into nearly 850 MW of DC capacity. These projects, such as SJVN Hybrid 01 and 02 (60 MW each) and NTPC Hybrid 01 and 02 (200 MW each), alongside an additional 120 MW under the NTPC Hybrid 02 greenshoe option, are designed to ensure reliable energy output by combining solar and wind generation. Effective grid integration will be supported through CTUIL 400/220 kV substations in the state, reinforcing both stability and efficiency. This addition not only strengthens INOX Clean’s project pipeline but also significantly enhances the availability of clean electricity in one of India’s fastest-growing energy markets.

What makes this portfolio particularly attractive is its strong foundation of 25-year power purchase agreements (PPAs), secured through competitive tenders floated by state-run giants SJVN Ltd and NTPC Ltd. The projects carry tariffs ranging from $37.22/MWh to $39.49/MWh, culminating in a weighted average tariff of $38.47/MWh. This provides INOX Clean with stable, long-term revenue visibility while delivering affordable clean power to India’s grid. The diversity of tenders and competitive tariff pricing demonstrate how hybrid projects are increasingly becoming the backbone of India’s renewable procurement strategy.

By acquiring these hybrid assets, INOX Clean Energy is not just expanding capacity but also reinforcing its role in driving India’s clean energy transition. The hybrid model ensures higher utilization of grid infrastructure and reduces intermittency challenges—two key barriers in renewable adoption. For policymakers and investors alike, such deals highlight the maturing landscape of India’s renewable sector, where global and domestic players are collaborating to scale up solutions for a sustainable future. For INOX, this move is a clear signal of its long-term commitment to becoming a leader in the renewable IPP space.

The acquisition of Evergreen’s hybrid portfolio by INOX Clean Energy is more than a business transaction—it’s a forward-looking step toward strengthening India’s renewable backbone. As the country moves closer to its 2030 energy target, deals like this not only set industry benchmarks but also inspire confidence in the future of clean energy.

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