Inox Clean Energy, through its subsidiary Inox Neo Energies, has signed definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire a portfolio of 640MW wind-solar hybrid projects in Maharashtra, India.

Spread across five sites in Maharashtra, the projects are contracted under tenders by Satluj Jal Vidyut Nigam (SJVN) and National Thermal Power Corporation (NTPC).

The hybrid projects comprise SJVN Hybrid 01 and 02, each with 60MW capacity, NTPC Hybrid 01 and 02, each with 200MW capacity, and NTPC Hybrid 02 (Green Shoe) with 120MW capacity.

These projects will be connected through Central Transmission Utility of India (CTUIL) 400kV/220kV substations in the region.

Inox Clean Energy CEO and whole-time director Bharat Saxena said: "Partnering with Evergreen Group allows us to combine our development expertise with high-quality assets that will accelerate India's energy transition.

“The acquisition further strengthens Inox Clean’s renewable energy pipeline and aligns with India’s target of achieving 500GW of nonfossil fuel capacity by 2030.”

The projects are being implemented under various special-purpose vehicles held by Evergreen Group through its holding companies.

Inox Clean Energy, a part of the INOXGFL Group, is the holding company for the renewables IPP business under Inox Neo Energies and the solar manufacturing business under Inox Solar, reported the Economic Times.

The company is focused on creating an integrated renewables ecosystem. It plans to manufacture solar modules and cells, which will be partly used for setting up captive hybrid renewable power generation capacities, as well as sold to third-party customers.

Upon commissioning, the power generated from these projects will be sold to a mix of captive clients, third parties, exchanges, and commercial and industrial customers.