Gujrat, India-headquartered Inox Neo Energies, part of the diversified INOXGFL Group, has acquiredSkypower Solar India for an enterprise value of INR 265 crore (~$ 1.94 million). The acquired project has 50 MW (AC) or 57.5 MW (DC) capacity in Madhya Pradesh. It is in Khandwa district and was commissioned in FY18. The project has a 25-year PPA with Madhya Pradesh Power Management Company Ltd. Inox Neo Energies is the renewable IPP arm of Inox Clean Energy. The company is expanding its hybrid installed capacity to 3 GW within two to three years. Inox Clean stated the project has strong operational performance. The company plans to explore similar acquisition opportunities to meet its growth targets.