Lakshmikumaran & Sridharan Attorneys Advises Inox Neo Energies On Acquisition Of 640 MW Wind-Solar Hybrid Portfolio From Evergreen Group
Lakshmikumaran & Sridharan Attorneys (LKS) has advised Inox Neo Energies Limited (“Inox”), an independent power producer of the InoxGFL Group and a subsidiary of Inox Clean Energy Limited, in its acquisition of a 640 MW AC wind-solar hybrid 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 all located in Maharashtra.
LKS acted as the legal counsel to Inox, advising on the transaction structure, and assisting with negotiation and finalization of all 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 LKS transaction team comprised Kunal Arora (Partner), Anupam Misra (Associate Partner), Mitushi Garg (Principal Associate), Jeevesh Jain (Associate), and Satwik Mohapatra (Associate). The Evergreen Group was represented by Saraf and Partners.
This acquisition marks a significant step in Inox Neo Energies' strategy to expand and strengthen its renewable energy presence.
About Lakshmikumaran & Sridharan attorneys
Lakshmikumaran & Sridharan (LKS) is a leading full-service Indian law firm specializing in corporate & M&A/PE, dispute resolution, taxation, and intellectual property. With 14 offices across India, the firm advises a broad spectrum of clients—from start-ups and SMEs to major Indian corporates and multinational companies. Over nearly four decades, LKS has served over 15,500 clients across key sectors including energy, infrastructure, aviation, automobiles, FMCG, financial services, pharma, IT/ITeS, logistics, telecom, consumer electronics, and more.
The firm's approach is rooted in its core values of integrity, knowledge, and passion, combining legal expertise with industry insight to deliver tailored commercial solutions.