Inox Clean Energy has successfully acquired a significant portfolio of 640 megawatt (MW) hybrid projects from Evergreen Group, marking a strategic move in the renewable energy sector. These projects are intentionally located at five distinct sites across Maharashtra State. They have large solar arrays and hybrid power generation capabilities. This new acquisition fits into India’s ambitious target of 500GW of non-fossil fuel capacity by 2030 as stated under their Nationally Determined Contributions (NDCs).
The four hybrid projects include SJVN Hybrid 01 and 02, both of which have a combined capacity of 60MW. Further, NTPC Hybrid 01 and 02 lead the field with a massive 200MW capacity each. The portfolio includes NTPC Hybrid 02 (Green Shoe) – 120MW. We’ll produce electricity through these projects that we’ll turn around and sell to a diverse group of customers. Our new customers will be captive users, third parties, exchanges, and hundreds of commercial and industrial firms.
Strategic Partnerships and Development
Bharat Saxena, CEO and whole-time director of Inox Clean Energy, emphasized the significance of this collaboration.
“Partnering with Evergreen Group allows us to combine our development expertise with high-quality assets that will accelerate India’s energy transition.” – Bharat Saxena
This collaboration aims not only to enhance Inox Clean’s renewable energy pipeline but to contribute significantly to India’s energy landscape. In particular, the acquisition reflects and embraces the continuing shift to more sustainable energy sources.
Manufacturing and Supply Chain Integration
Beyond augmenting its power generation capabilities, the newly acquired projects will be dedicated toward manufacturing solar modules and cells. We will be using a meaningful share of these factory-made goods to create captive hybrid renewable power generation capacities. This new Coalition will do a powerful job of boosting efficiency and sustainability across the sector.
Additionally, the solar modules and cells that it manufactures will be sold to third-party customers. This dual functionality of production and power generation demonstrates Inox Clean Energy’s commitment to integrating manufacturing with renewable energy solutions.
Infrastructure and Connectivity
To create the most efficient inter-regional connectivity possible, the transmission projects will be interconnected through CTUIL 400kV/220kV substations that are already positioned throughout the area. This infrastructure is vital for the effective distribution of the generated power, facilitating a streamlined process for delivering energy to various clients.
Inox Clean Energy has taken decisive steps by combining such projects with its portfolio. This decision will strengthen renewable energy infrastructure in India and open new avenues towards a greener future.
“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.” – Bharat Saxena
The integration of these projects into Inox Clean Energy’s portfolio signifies a robust step forward in enhancing renewable energy capabilities in India, paving the way for a greener future.