Inox Clean intends to utilise the funds to expand capacity in both its IPP and solar manufacturing operations.
Inox Clean Energy Ltd, an INOXGFL Group company, has announced that it, along with its subsidiary Inox Solar Ltd, has tied up equity totalling approximately ₹31 billion. The equity round was closed at a pre-money valuation of nearly ₹500 billion.
The equity round witnessed participation from marquee foreign and domestic investors, including California Public Employees’ Retirement System (CalPERS), the largest US pension fund, SUN Group Global, Authum Investments, Akash Bhansali, and several family offices and high-net-worth investors, either directly or through their investment vehicles.
Inox Clean intends to utilise the funds for capacity expansion across both the independent power producer (IPP) and solar manufacturing verticals.
As the integrated renewable energy platform of the INOXGFL Group, Inox Clean is rapidly expanding globally across renewable energy IPP and solar manufacturing. The company has recently acquired the Indian renewable IPP portfolios of Macquarie-owned Vibrant Energy and the wholly owned subsidiary of Netherlands-headquartered SHV Energy, SunSource Energy, cumulatively totalling about 1.6 GW. It is also in advanced stages of acquiring a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility based outside India.
Commenting on the development, Devansh Jain, Executive Director of INOXGFL Group, said, “With its organic growth, recent acquisitions, and global forays, Inox Clean is setting new growth benchmarks and has established a solid base to achieve its medium-term targets of 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY2028. With a presence across multiple key growth geographies globally, Inox Clean has large-scale and diversified growth opportunities over the next decade.”
The company’s plans to expand its IPP and integrated solar module manufacturing capacity by FY2028 are expected to generate consolidated annual revenues of around ₹300 billion.