Inox Clean Energy nears Rs 2,500 crore acquisition of Actis-owned Athena Renewables

New Delhi | Mumbai: Privately held Inox Clean Energy is close to acquiring Athena Renewables from UK-based fund Actis for an enterprise value of ₹2,500 crore, people familiar with the matter said. The transaction is nearing conclusion, with both sides having reached an in-principle agreement, they said.

There were multiple contenders for Athena, including independent power producers and private equity firms. Inox Clean Energy operates in two related businesses-renewable power generation and solar equipment manufacturing. It has been on an acquisition spree ahead of a planned initial public offering, buying individual assets and companies as part of a strategy to scale up quickly.

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The acquisition of Athena would take its total operational renewable energy generation capacity to close to 5 GW, the people cited earlier said. Its pipeline of projects under construction could be twice as large.

ET first reported in January that Actis had put Athena Renewables on the block and appointed Kotak Mahindra Capital to manage the transaction.

Inox Clean Energy and Actis did not respond to ET's queries.

Actis acquired Athena in 2020 as a wholly-owned solar platform comprising two large projects: Rewa and Solar Energy Corporation of India-Andhra Pradesh. The platform has since built a portfolio of four solar power plants with a combined capacity of more than 554 MW, according to Athena Renewables' website.

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Athena's assets include a 336-MW power plant at Rewa Ultra Mega Solar Park in Madhya Pradesh and three independent power plants, each with a capacity of 72 MW, at Ananthapuramu Ultra Mega Solar Park in Andhra Pradesh. The assets were commissioned in financial years 2018-19 and 2019-20 and have an operational track record of about seven years and six months, according to a recent CareEdge report.

Athena sells its power under 25-year power purchase agreements to government-owned entities and distribution companies, with its offtakers having credit quality equivalent to that of the central government, according to Actis' website.