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Motilal Oswal Group Commits INR 1,500 Crore Investment in Inox Clean Energy

Inox Clean Energy has secured an INR 1,500 crore investment commitment from the Motilal Oswal Group through CCDs, with INR 1,000 crore already invested, to support its growth and inorganic expansion.

August 13, 2026. By Mrinmoy Dey

Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, has announced an investment commitment of INR 1,500 crore from the Motilal Oswal Group, with an initial investment of INR 1,000 crore already completed.

The funds raised are in the form of Compulsorily Convertible Debentures (CCDs) and will be utilised towards Inox Clean’s growth trajectory, particularly fuelling inorganic growth initiatives, stated the company.

This follows an INR 700 crore investment from the Adar Poonawalla Family Office in Inox Clean. Other marquee investors in Inox Clean and its subsidiaries include CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, and other family offices and HNI investors.

Inox Clean operates across the renewable IPP business under its subsidiary Inox Neo Energies and the solar manufacturing business under its subsidiary Inox Solar.

Commenting on the investment, Devansh Jain, Executive Director, INOXGFL Group, said, “This investment from the Motilal Oswal Group is a strong endorsement of our integrated business model, execution capabilities, and long-term vision. Today, Inox Clean has emerged as one of the fastest-growing integrated renewable energy platforms in India and globally. Through our 'One Integrated Strategy', we have built a unique ecosystem that brings together renewable power generation, solar manufacturing, wind turbine manufacturing, EPC, and O&M capabilities under one umbrella, enabling us to deliver end-to-end clean energy solutions. We look forward to partnering with the Motilal Oswal Group as we accelerate our next phase of growth and create long-term value for all our stakeholders.”

Rakshat Kapoor, Head – Private Credit at MO Alternates, said, “India's energy transition presents one of the most compelling long-term investment opportunities globally, and we believe Inox Clean is well positioned to capitalise on this transformational growth. The company has built a differentiated integrated renewable energy platform, backed by strong execution capabilities, visionary leadership, and a long-term strategy. We look forward to supporting Inox Clean's journey towards building a globally leading integrated renewable energy platform while creating long-term value for all stakeholders.”

Over the past eighteen months, Inox Clean has rapidly scaled through organic expansion and strategic acquisitions, strengthening its operating portfolio and development pipeline. These include the manufacturing assets of US-based Boviet Solar, as well as renewable energy platforms backed by leading global investors, including BlackRock-owned GIP's Vena Energy, Macquarie-owned Vibrant Energy, SHV-owned SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.

Inox Clean's renewable IPP portfolio in India has scaled to 3 GW at the end of June 2026 and is expected to exceed 6 GW of operational capacity by the end of FY27, positioning the company among the fastest-scaling IPP platforms. The company’s Africa IPP business has also commenced project construction in Zimbabwe. Africa represents a significant structural opportunity with attractive project IRRs and sovereign PPAs, land and grid connectivity already in place, asserted the company.

It further added that the solar manufacturing vertical of Inox Clean is building a large manufacturing footprint in India, with a 3 GW module facility in Gujarat already operational and a 5 GW module and cell facility under development. Inox Clean’s US solar operations have established a 3 GW module manufacturing facility with a further 3 GW cell manufacturing facility expected to be operational soon. The US manufacturing footprint is positioned to significantly benefit from 45X tax credits under the IRA policy and recent Section 232 measures, strengthening the company’s profitability in one of the world's largest solar markets.

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Motilal Oswal invests in Inox Clean

Inox Clean acquisions

Inox Clean expansion plans

Devansh Jain

Rakshat Kapoor