Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL Group, has secured an investment commitment of ₹1,500 crore from the Motilal Oswal Group, with ₹1,000 crore already invested. The investment has been made through Compulsorily Convertible Debentures (CCDs) and will primarily support the company’s growth plans, including inorganic expansion initiatives.
The investment from the Motilal Oswal Group comes amid growing investor interest in Inox Clean’s integrated renewable energy platform and follows a ₹700 crore investment from the Adar Poonawalla Family Office. Other investors in Inox Clean and its subsidiaries include CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, family offices and high-net-worth investors.
Inox Clean operates across renewable power generation and solar manufacturing through its subsidiaries Inox Neo Energies Limited and Inox Solar Limited. Over the past 18 months, the company has expanded its operating portfolio and development pipeline through organic growth and strategic acquisitions.
The company’s acquisitions include the manufacturing assets of US-based Boviet Solar and renewable energy platforms backed by global investors such as Vena Energy, Vibrant Energy, SunSource Energy and SkyPower, including its Africa business.
Renewable IPP Portfolio Targets 6 GW
Inox Clean’s renewable Independent Power Producer (IPP) portfolio in India reached 3 GW as of June 2026. The company expects its operational capacity to exceed 6 GW by the end of FY27, positioning it among the fastest-growing renewable IPP platforms in India.
Its Africa IPP business has also commenced construction of a project in Zimbabwe. The company has identified Africa as a significant growth opportunity, supported by sovereign power purchase agreements (PPAs), land availability and grid connectivity.
Expanding Solar Manufacturing Capacity
Inox Clean is also expanding its solar manufacturing footprint. Its 3 GW module manufacturing facility in Gujarat is operational, while a 5 GW module and cell manufacturing facility is under development in India.
In the US, the company has established a 3 GW solar module manufacturing facility and plans to operationalise an additional 3 GW cell manufacturing facility. The company expects its US manufacturing operations to benefit from the 45X tax credits under the US Inflation Reduction Act (IRA) and recent Section 232 measures.
Integrated Renewable Energy Strategy
Under its “One Integrated Strategy”, the INOXGFL Group brings together renewable power generation, wind turbine manufacturing, solar manufacturing, engineering, procurement and construction (EPC), and operations and maintenance (O&M) capabilities.
The ecosystem includes Inox Wind for wind turbine manufacturing, Inox Renewable Solutions for EPC services and Inox Green Energy Services for O&M. The group said the integrated model is designed to support faster project execution, improve supply chain reliability and enable cross-selling of products and services across the renewable energy value chain.
Devansh Jain, Executive Director, INOXGFL Group, said the investment from Motilal Oswal Group strengthens confidence in Inox Clean’s integrated business model, execution capabilities and long-term growth strategy. He added that the partnership will support the company’s next phase of expansion.
Rakshat Kapoor, Head – Private Credit at MO Alternates, said India’s energy transition presents a significant long-term investment opportunity and that Inox Clean is positioned to benefit from the sector’s growth. He highlighted the company’s integrated platform, execution capabilities and long-term strategy as key factors behind the investment.across the renewable energy value chain.
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