Inox Clean Secures INR 3,100 Crore to Scale Renewable Energy Platform

Inox Clean Energy, an INOXGFL Group company, announced that it has secured equity funding totalling approximately INR 3,100 crore, along with its subsidiary Inox Solar. The equity infusion values Inox Clean at a pre-money valuation of around INR 50,000 crore.

The funding round saw participation from prominent foreign and domestic investors, including California Public Employees’ Retirement System (CalPERS), SUN Group Global, Authum Investments, Akash Bhansali, as well as several family offices and high-net-worth individual (HNI) investors, either directly or through their investment vehicles.

Inox Clean plans to deploy the fresh capital to accelerate capacity expansion across its renewable energy independent power producer (IPP) and solar manufacturing verticals.

The company, which operates as the integrated renewable energy platform of the INOXGFL Group, has been expanding rapidly across both renewable IPP and solar manufacturing segments in India and overseas. Recently, Inox Clean acquired Indian renewable IPP portfolios aggregating nearly 1.6 GW from Vibrant Energy, a Macquarie-owned platform and SunSource Energy, a wholly owned subsidiary of Netherlands-based SHV Energy. The company is also in advanced stages of acquiring a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility outside India.

Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said the investment round reflects strong confidence from leading long-term global and domestic investors in Inox Clean’s vision. He added, “The company’s combination of organic growth, strategic acquisitions and global expansion has laid a strong foundation to meet its FY28 targets, while its diversified international presence and disciplined business model position it for sustained value creation for stakeholders over the coming decade.”

The latest equity tie-up is expected to support Inox Clean’s medium-term growth targets of achieving 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28. These capacities are projected to generate consolidated annual revenues of approximately INR 30,000 crore.