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Inox Clean Raises Rs 3,100 Crore to Accelerate Renewable Energy Expansion

Inox Clean Energy, part of the INOXGFL Group, has secured approximately Rs3,100 crore in equity funding, including investments routed through its subsidiary Inox Solar, to support the next phase of its growth in renewable power generation and solar manufacturing. The transaction places the company at a pre-money valuation of around Rs50,000 crore.

The fundraise attracted a mix of leading international and domestic investors, notably the California Public Employees’ Retirement System (CalPERS), SUN Group Global, Authum Investments, Akash Bhansali, along with several family offices and high-net-worth individuals participating either directly or via investment vehicles.

According to the company, the newly raised capital will be channelled toward scaling up its renewable energy independent power producer (IPP) operations and expanding its solar manufacturing capabilities. Inox Clean operates as the integrated renewable energy arm of the INOXGFL Group, with activities spanning power generation and manufacturing across India and select overseas markets.

In recent months, the company has strengthened its IPP portfolio through strategic acquisitions, including renewable energy assets totalling nearly 1.6 GW from Vibrant Energy, a platform owned by Macquarie, and SunSource Energy, a wholly owned subsidiary of Netherlands-based SHV Energy. Inox Clean is also in advanced discussions to acquire a multi-gigawatt renewable portfolio as well as an integrated solar manufacturing facility outside India, further underlining its global expansion strategy.

Commenting on the investment, Devansh Jain, Executive Director at INOXGFL Group, said the funding round signals strong investor confidence in Inox Clean’s long-term strategy and execution capabilities. He noted that the company’s focus on a combination of organic capacity addition, targeted acquisitions, and international growth has created a robust platform to achieve its stated goals. Jain added that the company’s diversified footprint and disciplined operating model position it for sustained value creation over the next decade.

The equity infusion is expected to support Inox Clean’s medium-term targets of reaching 10 GW of installed renewable IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28. At scale, these operations are projected to generate consolidated annual revenues of around Rs30,000 crore, the company said.