Inox Clean raises ₹3,100 crore for IPP expansion, solar manufacturing

Inox Clean Energy said it has tied up ₹3,100 crore in equity funding to grow its IPP capacity and solar manufacturing, as it targets 10 GW power capacity by FY28

Inox Clean Energy Limited, a company of the INOXGFL Group, has secured equity funding of about ₹3,100 crore along with its subsidiary, Inox Solar Limited. The funding round values Inox Clean at a pre-money valuation of around ₹50,000 crore, the company said in a press release on Wednesday.

 

The equity raise saw participation from several global and domestic investors. These include CalPERS (California Public Employees’ Retirement System), the largest pension fund in the US, SUN Group Global, Authum Investments, Akash Bhansali, and other family offices and high net-worth individuals (HNIs), either directly or through investment vehicles.

 

The company said the fresh funds will be used to expand capacity across its independent power producer (IPP) business and solar manufacturing operations.

 

 

Focus on renewable energy, manufacturing growth

 

Inox Clean operates across renewable energy IPP projects and solar manufacturing, and is scaling up operations in India as well as overseas.

 

In recent months, the company has acquired renewable IPP portfolios in India from Vibrant Energy, a Macquarie-owned platform, and SunSource Energy, a wholly owned subsidiary of Netherlands-based SHV Energy. Together, these acquisitions add around 1.6 GW of capacity.

 

Inox Clean is also in advanced talks to acquire a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility located outside India, further strengthening its global footprint.   

 

Capacity targets set for FY28

 

The latest equity tie-up is expected to support Inox Clean’s medium-term growth plans. The company is targeting 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28.

 

Once these targets are achieved, Inox Clean expects to generate consolidated annual revenues of about ₹30,000 crore.

 

Commenting on the development, Devansh Jain, executive director, INOXGFL Group, said the company’s mix of organic growth, recent acquisitions and international expansion has created a strong base to meet its targets by FY28.

 

“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,” Jain said.