"Inox Clean to scale solar capacity with new ₹3,100 crore investment."

Inox Clean Energy Limited, part of the INOXGFL Group, recently said it has raised equity funding of about ₹3,100 crore along with its subsidiary Inox Solar Limited. The funding round values Inox Clean at a pre-money valuation of around ₹50,000 crore, the company said in a press release.

The equity raise saw participation from a mix of global and domestic investors, including California Public Employees’ Retirement System (CalPERS), the largest pension fund in the US, SUN Group Global, Authum Investments, Akash Bhansali, and other family offices and high net-worth individuals, either directly or through investment vehicles.

The company said the fresh capital will be deployed to expand capacity across its independent power producer (IPP) business and solar manufacturing operations. Inox Clean operates renewable energy IPP projects and solar manufacturing facilities, and is scaling up its presence in India as well as overseas.

In recent months, the company has acquired renewable IPP portfolios in India from Vibrant Energy, a Macquarie-owned platform, and SunSource Energy, a wholly owned subsidiary of Netherlands-based SHV Energy. These acquisitions together add around 1.6 GW of capacity.

Inox Clean 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 strengthen its global footprint.

The latest equity infusion is expected to support the company’s medium-term growth plans. 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 to generate consolidated annual revenues of about ₹30,000 crore.

Commenting on the development, Devansh Jain, Executive Director of the INOXGFL Group, said the company’s combination of organic growth, recent acquisitions and international expansion has created a strong foundation to meet its FY28 targets. He added that Inox Clean’s diversified global presence provides large-scale growth opportunities over the next decade while helping minimise balance-sheet and execution risks.