Inox Neo Energies has acquired SunSource Energy, a prominent provider of solar-based energy and storage solutions, for an undisclosed amount. The acquisition marks a significant strategic move for Inox Neo Energies, integrating SunSource Energy's established capabilities in distributed power infrastructure into its operations.
Established in 2010 and headquartered in Delhi NCR, SunSource Energy specializes in developing, building, and operating solar projects for commercial, industrial, and institutional clients. The company offers customized solar power solutions through innovative business models, including on-site and off-site Power Purchase Agreements (PPAs), managing the entire project lifecycle from financing to asset management. With a portfolio exceeding 400 MWs of solar power projects, SunSource Energy serves over 150 Commercial & Industrial firms across 24 states in India and in Southeast Asia. SHV Energy, a global distributor of off-grid energy, previously held a majority stake in SunSource Energy since March 2021.
This acquisition is strategically important for Inox Neo Energies, providing immediate access to SunSource Energy's extensive operational expertise, robust client base, and proven track record in the rapidly expanding renewable energy sector. By integrating SunSource Energy's distributed power infrastructure and PPA models, Inox Neo Energies is poised to strengthen its footprint in sustainable energy solutions, particularly within the commercial and industrial segments. The move is expected to enhance Inox Neo Energies' capacity to deliver comprehensive energy transition services.
The combination of Inox Neo Energies and SunSource Energy is anticipated to create significant synergies, leveraging SunSource's deep market penetration and technical proficiency with Inox Neo Energies' broader strategic objectives. The unified entity aims to accelerate the deployment of solar and storage solutions, expand its geographic reach, and offer an even more robust suite of services to clients seeking reliable and sustainable energy alternatives.