Key Takeaways

• Inox Clean Energy has secured ₹3,100 crore ($330 million) in equity funding from notable investors.
• The investment values the company at ₹50,000 crore ($5.5 billion) and will support expansion in renewable energy generation and solar manufacturing.
• Inox aims to reach 10 GW of installed capacity in renewable energy and 11 GW in solar manufacturing by FY28.

Major Funding for Expansion

Inox Clean Energy, alongside its subsidiary Inox Solar, has announced a significant equity funding round totaling ₹3,100 crore (approximately $330 million). This investment comes from a consortium of high-profile investors, including the California Public Employees’ Retirement System (CalPERS), America’s largest pension fund. Alongside CalPERS, local investors such as Enam, Authum Investments, and Sun Group also contributed to this round.

The funding values Inox Clean Energy at ₹50,000 crore ($5.5 billion) and was first reported by the Economic Times. The company plans to utilize these resources to expand its capacity across its independent power producer (IPP) and solar manufacturing divisions.

Devansh Jain, executive director of the INOXGFL group, highlighted the significance of this investment, stating that participation from such reputable global and domestic investors underscores confidence in the company’s mission to establish itself as one of India’s premier integrated renewable energy platforms. He also emphasized the company’s commitment to achieving ambitious targets set for its renewable energy generation and solar equipment manufacturing sectors.

Inox Clean Energy operates through two main segments: Inox Neo Energies, which focuses on renewable energy generation as an IPP, and Inox Solar, responsible for solar equipment manufacturing. Jain expressed optimism about the company’s future, indicating that it is well-positioned to meet its medium-term objectives of achieving 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.

The recent funding follows Inox Clean Energy’s acquisition of Vibrant Energy from Macquarie, which supplies renewable energy to Amazon’s Indian operations. Additionally, it has acquired solar power projects from a subsidiary of Netherlands-based SHV Energy. These strategic acquisitions further bolster Inox’s position in the renewable energy sector, emphasizing its rapid growth and expansion plans.

In summary, the funding from prestigious investors and the ongoing growth initiatives, including new acquisitions, signal Inox Clean Energy’s strategic vision to enhance its role in India’s renewable energy landscape while solidifying its operational capacities in solar technology.

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