Inox Clean Energy Raises INR 700 Crore from Adar Poonawalla Family Office

Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, has announced that Adar Poonawalla Family Office, namely, Rising Sun Holdings, has invested INR 700 crore at a valuation of INR 70,000 crore supporting its long-term growth strategy.

This follows an investment from CalPERS (California Public Employees’ Retirement System, the largest pension fund in the US), which had invested approximately INR 800 crore in the previous rounds, amongst other investors.

The latest announcement comes on the back of the company's rapid expansion through both organic growth and strategic acquisitions. Over the last ten months, Inox Clean has completed 10 strategic acquisitions, substantially strengthening its integrated renewable energy platform across Independent Power Production (IPP), solar manufacturing and related clean energy businesses. Some of the acquisitions include US-based Boviet Solar’s manufacturing assets for USD 750 million, BlackRock owned GIP’s Indian asset - Vena Energy, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy and CalPERS-backed SkyPower, including its Africa business.

While the acquisitions have expanded the Company's operating portfolio, manufacturing capabilities and global footprint, the new capital will further strengthen the Company's balance sheet and provide additional financial flexibility to pursue its ambitious expansion plans, including new renewable energy projects, manufacturing capacity expansion and strategic acquisition opportunities in India and overseas.

Commenting on the investment, Devansh Jain, Executive Director, INOXGFL Group, said, "We are delighted to welcome Adar Poonawalla Family Office as an investor in Inox Clean. This investment is a strong endorsement of our vision, execution capabilities and long-term growth strategy. Over the past year, we have built tremendous momentum by executing our growth roadmap through a combination of organic expansion and strategic acquisitions. Having completed ten acquisitions in the last ten months, we have significantly strengthened our integrated renewable energy platform and created a robust foundation for sustained long-term value creation."

Jain added, "This also reflects the confidence that leading investors have in Inox Clean's differentiated business model, disciplined capital allocation and ability to consistently execute at scale. As India's energy transition gathers pace, we remain focused on building one of the country's most diversified and globally competitive clean energy platforms. We welcome Poonawalla as a long-term partner in this journey and look forward to creating enduring value for all our stakeholders."

The current list of marquee investors in Inox Clean and its subsidiaries includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali, amongst other family offices and HNI investors participating either directly or through their investment vehicles.