Inox Clean Energy likely to acquire 650 MW of Evergreen's projects

New Delhi: IPO-bound Inox Clean Energy is likely to acquire 650 MW of Evergreen Renewables' under construction green energy projects, said people aware of the development.Evergreen is building these projects with a total cost of ₹4,000 crore, the people said, adding that the company has invested a portion of the sum so far. The targeted portfolio comprises five hybrid projects of wind and solar energy, one of the persons said. The transaction will be executed through Inox Neo, the renewable energy-generating subsidiary of Inox Clean and part of the INOXGFL Group, the people said. They did not disclose the value of the potential deal.Evergreen Renewables is the Indian arm of Evergreen Power Mauritius Ltd. The company's Indian operations consist of completed projects of 300 MW capacity and a pipeline of an additional 1,400 MW in Gujarat, Tamil Nadu, and Karnataka, according to its website.Inox Clean and Evergreen Power did not respond to queries.

The INOXGFL Group had earlier said it plans to invest around ₹40,000 crore in its renewable energy and chemical business in the next 2-3 years to expand operations.

The group operates in two broader segments-chemicals and renewables-with the latter comprising solar, green hydrogen, and wind energy.Inox Clean, operating the green energy generation and equipment manufacturing businesses, is targeting a ₹ 6,000 -crore initial public offering (IPO) in the March quarter, said the people cited above.The company had, in July, announced filing its draft prospectus with Sebi for the proposed IPO.ET reported in August that over the next few months, several green energy companies are expected to hit the primary market with issues worth nearly ₹25,000 crore, looking to capitalise on the successful listings of NTPC Green, Waaree Energies, and Vikram Solar, among others, in the last one year.