Inox Clean Energy Limited (Inox Clean), an INOXGFL Group company, has tied up equity worth approximately ₹3,100 crore along with its subsidiary Inox Solar Limited, as the company looks to accelerate capacity expansion across its renewable energy and solar manufacturing businesses.
The equity at Inox Clean was raised at a pre-money valuation of approximately ₹50,000 crore. The funding round saw participation from leading domestic and international investors, including CalPERS (California Public Employees’ Retirement System), one of the largest pension funds in the US, along with SUN Group Global, Authum Investments, Akash Bhansali, and other family offices and high-net-worth investors, either directly or through investment vehicles.
Inox Clean said the funds will be utilised to support capacity expansion across its independent power producer (IPP) and solar manufacturing verticals.
The company has been expanding its renewable energy portfolio through both organic growth and acquisitions. Recently, Inox Clean acquired the Indian renewable IPP portfolios of Vibrant Energy, a Macquarie-owned platform, and SunSource Energy, a wholly owned subsidiary of Netherlands-headquartered SHV Energy. The acquisitions together added approximately 1.6 GW to its portfolio.
Inox Clean is also in advanced stages of acquiring a multi-gigawatt renewable IPP portfolio and an integrated solar manufacturing facility outside India, further strengthening its international expansion plans.
The latest equity infusion is expected to support the company’s medium-term target of achieving 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28. The company expects these businesses to generate consolidated annual revenues of approximately ₹30,000 crore.
Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said the investment round’s participation from major global and domestic investors reflects confidence in Inox Clean’s growth strategy and its ambition to become one of India’s largest integrated renewable energy platforms.
Jain said the company’s organic growth, recent acquisitions and international expansion have created a strong foundation for achieving its FY28 capacity targets. He added that Inox Clean’s presence across multiple growth markets, combined with its business model focused on managing balance-sheet and execution risks, is expected to provide diversified growth opportunities over the coming decade.
With the latest equity tie-up, Inox Clean is positioned to accelerate investments across renewable power generation and solar manufacturing while pursuing its long-term expansion strategy in India and international markets.
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