Inox Clean Energy Targets 10 GW Installed IPP Capacity And 11 GW Solar Module Manufacturing By FY28 With Latest Funding

Inox Clean Energy Limited (“Inox Clean”), a company within the INOXGFL Group, announced that it and its subsidiary, Inox Solar Limited, have successfully secured equity financing totaling approximately ₹3,100 crore. The equity round valued Inox Clean at a pre-money valuation of around ₹50,000 crore. The funding round attracted participation from leading domestic and international investors, including CalPERS (the 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, either directly or through their investment vehicles. The proceeds will be used to expand capacity across both the company’s independent power producer (IPP) and solar manufacturing operations.

Inox Clean serves as the integrated renewable energy platform of the INOXGFL Group and is rapidly growing its presence globally across IPP and solar manufacturing verticals. Recently, the company acquired the Indian renewable IPP portfolios of Vibrant Energy, a Macquarie-owned IPP platform, and SunSource Energy, a wholly owned subsidiary of the Netherlands-based multinational SHV Energy. These acquisitions together add approximately 1.6 gigawatts (GW) of renewable energy capacity to Inox Clean’s portfolio. Additionally, the company is in advanced discussions to acquire a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility located outside India.

The latest equity infusion will support Inox Clean in reaching its medium-term targets of 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28. These milestones are expected to generate consolidated annual revenues of around ₹30,000 crore. Commenting on the development, Mr. Devansh Jain, Executive Director of the INOXGFL Group, said that the investment round demonstrated strong confidence from some of the largest and most credible long-term investors globally and domestically, including CalPERS and SUN Group Global, along with prominent high-net-worth investors in India. He expressed gratitude to all investors for endorsing Inox Clean’s vision to become one of India’s largest integrated renewable energy platforms.

Mr. Jain added that with a combination of organic growth, recent acquisitions, and international expansion, Inox Clean has established a robust foundation to achieve its medium-term objectives of 10 GW of IPP capacity and 11 GW of solar module manufacturing by FY28. He highlighted that the company’s diversified global presence offers significant growth opportunities over the next decade, supported by a business model that minimizes balance-sheet and execution risks, maximizes returns, and optimally deploys excess cash to further expansion. Mr. Jain concluded by expressing confidence that Inox Clean will continue to deliver substantial value to all stakeholders in the years ahead.