Noida, June 30 -- INOXGFL Group, one of the leading business Groups in India in the energy transition space, announced on Monday that Inox Clean Energy Ltd's renewable independent power producer (RE IPP) arm, Inox Neo Energies Private Limited, has completed the acquisition of Skypower Solar India Private Ltd, which has a portfolio comprising 50 MW (AC) / 57.5 MW (DC) of solar power assets located in Madhya Pradesh. The transaction values the asset at an enterprise value of Rs 265 crores, translating into a trailing EV/EBITDA multiple of 5.3x.
The 50 MW (AC) / 57.5 MW (DC) solar project, commissioned in FY18, is located in Khandwa district of Madhya Pradesh. The power generated is tied up under a 25-year PPA with Madhya Pradesh Power Management Company Ltd. (MPPMCL).
On this occasion, Bharat Saxena, CEO, Inox Clean Energy Ltd., said, "At Inox Clean, we are substantially scaling up our IPP capacity under Inox Neo both organically and inorganically. The acquisition of Skypower, a 50 MW solar power asset aligns well with our inorganic growth strategy. This asset has strong operational and financial credentials, and is value-accretive from day one. Importantly, the acquisition is well within the Group's valuation framework and we continue to be on the lookout for such opportunities which will aid our plans of reaching 3 GW of hybrid installed capacity in the next 2-3 years."
Published by HT Digital Content Services with permission from Millennium Post.