Inox Clean Energy ties up ₹3,100 crore in equity for capacity expansion
Inox Clean Energy ties up ₹3,100 crore equity from global and domestic investors to fund IPP growth and solar manufacturing expansion, valuing the firm at ₹50,000 crore
 "Inox Clean Energy ties up ₹3,100 crore in equity for capacity expansion")
Inox Clean Energy Ltd today announced that the company, along with its subsidiary Inox Solar, has tied up ₹3,100 crore equity from foreign and domestic investors, including California Public Employees’ Retirement System (CalPERS, the largest pension fund in the US), SUN Group Global, Authum Investments, and other investors.
The INOXGFL Group company said the equity was tied up at a pre-money valuation of around ₹50,000 crore, and the funds will be utilised for capacity expansion across both the Independent Power Producer (IPP) and solar manufacturing verticals.
Inox Clean had recently acquired the Indian renewable IPP portfolios of Vibrant Energy, a Macquarie-owned IPP platform, and SunSource Energy, a wholly owned subsidiary of the Netherlands-headquartered MNC SHV Energy, cumulatively totalling around 1.6 gigawatt (GW).
“The latest equity tie-up will aid the company in achieving its target of 10 GW of installed IPP capacity as well as 11 GW of integrated solar module manufacturing capacity by 2027-28, which is expected to generate consolidated annual revenues of ₹30,000 crore,” Inox Clean said in a statement.
The company is currently in advanced stages of acquisition of a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility based outside India.
“With a presence across multiple key growth geographies globally, Inox Clean has large-scale and diversified growth opportunities over the next decade, backed by a business model that minimises balance-sheet and execution risks, maximises returns, and optimises utilisation of excess cash for furthering growth,” Devansh Jain, Executive Director, INOXGFL Group, said.
INOXGFL Group is present in chemicals and renewable energy segments, with three listed entities under its umbrella, including Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services.