Key Takeaways
- Inox Clean Energy has secured ₹3,100 crore in equity, valuing the company at ₹50,000 crore.
- Funds will support the expansion of its independent power producer (IPP) and solar manufacturing sectors.
- The company aims to achieve 10 GW of installed IPP capacity and 11 GW of solar manufacturing capacity by FY28.
Investment and Expansion Plans
Inox Clean Energy, part of the INOXGFL Group, announced an equity raise of approximately ₹3,100 crore, achieving a pre-money valuation of around ₹50,000 crore. The financing round attracted various domestic and international investors, including the California Public Employees’ Retirement System (CalPERS), SUN Group Global, and Authum Investments, along with additional family offices and high-net-worth individuals.
Devansh Jain, Executive Director of INOXGFL Group, emphasized that the company’s significant growth through organic initiatives, recent acquisitions, and global expansion efforts establish a strong foundation for its ambitious targets. Specifically, Inox Clean aims to reach an installed capacity of 10 GW in the IPP segment and 11 GW in solar manufacturing by fiscal year 2028.
The recent influx of funds will primarily be directed towards enhancing capacity across both the IPP and solar manufacturing divisions. Inox Clean Energy has successfully acquired renewable IPP portfolios in India from Vibrant Energy and SunSource Energy, totaling about 1.6 GW. Additionally, the company is in advanced negotiations for acquiring a multi-gigawatt IPP portfolio and a solar manufacturing facility located outside of India.
This strategic funding and operational expansion are poised to drive Inox Clean’s consolidated annual revenues to an expected ₹30,000 crore by FY28, reflecting the company’s commitment to setting new growth benchmarks in the renewable energy sector.
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