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Inox Clean Energy has raised INR 3,100 crore through an equity funding round, diluting nearly 6 per cent stake at a pre-money valuation of about INR 50,000 crore. The round saw participation from major global and domestic investors, including CalPERS and several family offices. The funds will be used to expand IPP and solar manufacturing capacity and support the company's target of 10 gigawatts by FY28. The fundraise follows recent acquisitions adding 1.6 gigawatts of renewable assets.
Inox Clean Energy has secured INR 3,100 crore through an equity funding round, marking a key capital-raising step as the company scales up its renewable energy operations. The round involved dilution of close to 6 per cent stake to a mix of foreign and domestic investors, according to sources familiar with the transaction. Advertisement
The funds have been raised at a pre-money valuation of around INR 50,000 crore. Inox Clean Energy Ltd, along with its subsidiary Inox Solar Ltd, tied up the equity without disclosing the exact stake sold at the company level. Market sources indicated that approximately 5.8 per cent equity was diluted in the process.
Participation in the round came from several large institutional and high-net-worth investors. These included CalPERS, the largest pension fund in the United States, along with SUN Group Global, Authum Investments, Akash Bhansali, and other family offices and HNI investors, either directly or through investment vehicles.
The company has stated that the capital will be used to support its target of reaching 10 gigawatt installed capacity by FY28. The proceeds will also be deployed for capacity expansion across both its independent power producer (IPP) platform and its solar manufacturing business.
Inox Clean Energy is preparing to file its draft red herring prospectus for an initial public offering during the current quarter. The proposed public issue is expected to raise between INR 6,000 crore and INR 10,000 crore, subject to market conditions. The company did not respond to queries regarding the IPO plans.
The equity raise follows a series of inorganic expansion moves by the company. In the past month, Inox Clean executed definitive agreements with Australia-based Macquarie Corporate Holdings Pty Ltd and other shareholders to acquire renewable energy assets of Vibrant Energy.
Along with this, the company acquired IPP portfolios of Vibrant Energy, a Macquarie-owned platform, and SunSource Energy, a wholly owned subsidiary of Netherlands-headquartered SHV Energy. These acquisitions added a combined renewable capacity of 1.6 gigawatts to Inox Clean's portfolio.
The company has also indicated that it is in advanced stages of acquiring a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility located outside India, which would further strengthen its international presence.
INOXGFL Group Executive Director Devansh Jain said the company's organic growth, recent acquisitions, and overseas expansion have helped build a strong foundation to meet its medium-term goals. These include achieving 10 gigawatts of installed IPP capacity and 11 gigawatts of integrated solar manufacturing capacity by FY28.
Source PTI
5th Jun, 2025
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