Dutch firm SHV Energy to sell 290 MW Indian solar portfolio to INOXGFL group

SHV Energy

Dutch energy company SHV Energy, which has interests in liquefied petroleum gas and renewable energy, has agreed to sell its Indian solar portfolio of around 290 megawatts (MW) to INOXGFL group, sources aware of the development told Moneycontrol. 

SHV’s Indian solar portfolio is housed under a company called SunSource Energy. SHV Energy is a global distributor of off-grid energy, such as LPG and small-scale LNG, and is active in sustainable fuels and renewable energy solutions.

The sale of the solar business will mark the exit of SHV Energy from India’s renewable energy sector, the sources said. Moneycontrol could not ascertain the financial value of the transaction.

The exit by SHV Energy reflects a broader trend of international investors monetising Indian renewable platforms after the heavy capital deployment phase, even as domestic conglomerates like InoxGFL double down on clean energy to build scale and long-term optionality.

Spokespersons for SHV Energy and INOXGFL could not be immediately reached for comments.

Aggressive renewable energy push

The transaction comes close on the heels of INOXGFL signing an agreement to acquire Vibrant Energy from Macquarie Group, underscoring the group’s aggressive push to build a large renewable energy platform through acquisitions.

On December 21, INOXGFL group company Inox Clean Energy Limited announced that it will acquire Vibrant, a diversified renewable energy independent power producer with a total portfolio of 1,337 MW. Of this, around 800 MW is in operation.

Vibrant has long-term PPAs (power purchase agreements) with global blue-chip commercial and industrial customers. Its renewable projects are located across many states, including Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh.

Commenting on the deal, Devansh Jain, Executive Director, INOXGFL Group, said that with the Vibrant acquisition, Inox Clean is on course to reach its targeted renewable energy installed capacity of 3 GW by FY26-end, as per a press statement issued by the group.

He added that Inox Clean Energy is targeting a renewable energy portfolio of 10 GW by FY28.