New Delhi, November 20, 2025: Lakshmikumaran & Sridharan Attorneys (LKS) advised Inox Neo Energies Limited ("Inox"), an independent power producer of the InoxGFL Group and a subsidiary of Inox Clean Energy Limited, in connection with its acquisition of a 640 MW AC wind-solar portfolio from the Evergreen Group, a global renewable energy developer.
Evergreen Group has a strong presence in the renewable sector with projects across the USA, Mauritius and India.
The transaction involved the acquisition of five hybrid wind-solar projects awarded by National Thermal Power Corporation (NTPC) and Satluj Jal Vidyut Nigam (SJVN) and located in Maharashtra.
LKS acted as the legal counsel for Inox and advised on all aspects related to the transaction. The role involved advising on the structure of the transaction and assistance in negotiation and finalization of the transaction documents.
The deal was distinctive due to the portfolio's multiple projects being at different stages of development. This required a tailored structure to address different timelines, obligations and operational requirements, ensuring both a seamless transfer of ownership and the continued project development, while safeguarding the parties' commercial and contractual interests. To achieve this, the entity-specific definitive agreements were executed which primarily comprised of share purchase agreements, shareholders' agreement, options agreement and development agreement.
The transaction team of LKS consisted of Kunal Arora (Partner), Anupam Misra (Associate Partner), Mitushi Garg (Principal Associate), Jeevesh Jain (Associate) and Satwik Mohapatra (Associate).
Evergreen Group was represented by Saraf and Partners.
This acquisition marks a significant leap in Inox's vision to strengthen its presence in the renewable sector.