Inox Clean Energy Limited, the fully integrated clean energy business arm of the INOXGFL group, has received equity investments amounting to approximately ₹3,100 crores, in what is currently one of the largest raises in the clean energy sector in recent times in India. The company is currently valued prior to funding at ₹50,000 crores, as estimated in the funding round where it also participated through its subsidiary, Inox Solar Limited.
The equity infusion witnessed participation from a mix of marquee global and domestic investors, led by California Public Employees’ Retirement System (CalPERS), the largest pension fund in the United States. Other participants include SUN Group Global, Authum Investments, investor Akash Bhansali, along with several family offices and high-net-worth individual (HNI) investors investing either directly or through their respective vehicles.
Capital to Drive Capacity Expansion
According to the company, the fresh equity will be utilised to expand capacity across both its renewable energy independent power producer (IPP) business and its solar manufacturing vertical. Inox Clean is pursuing an integrated growth strategy, combining large-scale renewable power generation with solar module manufacturing to strengthen its position across the clean energy value chain.
Inox Clean has been expanding rapidly in recent months through a combination of organic growth and strategic acquisitions. The company recently 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. These acquisitions add a cumulative capacity of approximately 1.6 GW to Inox Clean’s portfolio.
Global Foray Beyond India
Other than this homegrown expansion, Inox Clean is also moving ahead with international plans. It is in an advanced stage of acquiring a multi-gigawatt renewable IPP portfolio and a solar manufacturing unit that is not in India.These planned acquisitions are expected to further diversify the company’s geographical footprint and strengthen its global renewable energy presence.
With the latest equity tie-up, Inox Clean aims to achieve 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28. The company estimates that these targets could generate consolidated annual revenues of around ₹30,000 crore once fully operational.
Management Commentary
Commenting on the development, Devansh Jain, Executive Director of the INOXGFL Group, stated that the participation of large, long-term global and domestic investors reflects strong confidence in Inox Clean’s growth strategy and integrated business model. He noted that the company’s expansion across multiple geographies, combined with recent acquisitions, has created a solid foundation for achieving its medium-term capacity targets.
Jain added that Inox Clean’s operating model is designed to minimise balance-sheet and execution risks while optimising capital deployment to support sustained growth over the coming decade.
Strengthening India’s Clean Energy Push
The fundraise comes at a time when India is accelerating investments in renewable energy to meet its long-term climate and energy security goals. Inox Clean is also likely to have an important role in the development of infrastructure with the rising demand for clean energy and the need for solar manufacturing capacity in the country.
Read More: Inox Clean Energy boosts renewable portfolio with SunSource solar acquisition
