Inox Clean Energy Raises ₹3,100 Crore To Fuel 10 GW Capacity Target By FY2028

Inox Clean Energy has secured ₹3,100 crore in an equity funding round, marking a significant step towards achieving its 10-gigawatt capacity target by FY28. The funding round involved both foreign and domestic investors and resulted in the dilution of approximately 5.8% of the company’s equity. The details of the stake held by individual investors were not disclosed by the company.

The equity raise was completed at a pre-money valuation of ₹50,000 crore. Notable participants included CalPERS, the largest pension fund in the United States, SUN Group Global, Authum Investments, Akash Bhansali, and several other family offices and high-net-worth individual investors, either directly or through their investment vehicles.

Inox Clean Energy, along with its subsidiary Inox Solar Ltd, plans to use the funds for expanding capacity across both its independent power producer (IPP) and solar manufacturing verticals. The company has also indicated its intention to file a Draft Red Herring Prospectus (DRHP) for an initial public offering (IPO) during the current quarter, aiming to raise ₹6,000-10,000 crore through the public issue.

Devansh Jain, executive director of INOXGFL Group, highlighted that the company has built a strong foundation through organic growth, recent acquisitions, and global expansions. He emphasized that these efforts will support the company in reaching its medium-term goals of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.

The latest fundraising follows Inox Clean Energy’s acquisition of renewable assets from Vibrant Energy and SunSource Energy, adding a cumulative 1.6 GW to its portfolio. Vibrant Energy, an IPP platform owned by Macquarie, and SunSource Energy, a subsidiary of Netherlands-based SHV Energy, were both part of strategic deals finalized in December. These acquisitions strengthen Inox Clean Energy’s position in the renewable energy sector and enhance its capacity to deliver large-scale solar and power projects.

Industry experts view the funding round as a major boost for Inox Clean Energy’s growth plans. With the support of marquee investors and a clear strategy for capacity expansion, the company is well-positioned to scale its operations and meet the growing demand for renewable energy in India. The funds are expected to accelerate projects across multiple solar manufacturing and power generation facilities, contributing to India’s renewable energy targets.

Inox Clean Energy’s focus on both IPP operations and solar manufacturing highlights its integrated approach to the renewable energy market. By combining strategic acquisitions, organic growth, and investor backing, the company aims to establish a significant presence in India’s solar and power sectors while preparing for its upcoming IPO.

The equity infusion and ongoing expansions demonstrate Inox Clean Energy’s commitment to becoming a leading player in the renewable energy space, with clear plans to increase capacity and strengthen its market position over the next few years.