Inox Clean Energy Limited, part of the INOXGFL Group, has secured equity funding of about ₹3,100 crore along with its subsidiary, Inox Solar Limited, at a pre-money valuation of around ₹50,000 crore, the company said on Wednesday.
Investor participation and valuation
The equity round saw participation from a mix of global and domestic investors. These include CalPERS (California Public Employees’ Retirement System), the largest pension fund in the United States, SUN Group Global, Authum Investments, Akash Bhansali, and several family offices and high net-worth individuals, either directly or through investment vehicles.
Use of funds
Inox Clean said the capital will be deployed to expand capacity across its renewable energy businesses, including its independent power producer (IPP) portfolio and solar manufacturing operations. The company operates across renewable power generation and integrated solar manufacturing, with plans to scale both domestically and internationally.
Recent acquisitions and expansion
Over the past few months, Inox Clean has strengthened its IPP footprint through acquisitions. It acquired renewable energy portfolios in India from Vibrant Energy, a Macquarie-owned platform, and SunSource Energy, a wholly owned subsidiary of Netherlands-based SHV Energy. Together, these transactions added about 1.6 GW of operational capacity.
The company said it is also in advanced discussions to acquire a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility outside India, which would further expand its global presence.
Capacity targets and outlook
Inox Clean is targeting 10 GW of installed IPP capacity and 11 GW of integrated solar module manufacturing capacity by FY28. Once these targets are achieved, the company expects consolidated annual revenues of around ₹30,000 crore.
Commenting on the fundraise, Devansh Jain, executive director at INOXGFL Group, said the company’s combination of organic growth, acquisitions, and international expansion has created a strong foundation to meet its medium-term targets while managing execution and balance-sheet risks.
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