Inox Clean Energy Secures ₹3,100 Crore Through Equity Sale for Capacity Expansion

Inox Clean Energy, part of the INOXGFL Group, has raised around ₹3,100 crore through an equity funding round, along with its subsidiary Inox Solar, as per PTI report.  

The transaction was carried out at a pre-money valuation of about ₹50,000 crore, according to a company statement issued on Wednesday. 

The fundraise involved dilution of nearly 5.8-6% equity, though the company did not disclose the exact stake sold. 

Investor Participation 

The equity round included participation from a mix of foreign and domestic investors. These included CalPERS, the largest public pension fund in the United States, SUN Group Global, Authum Investments, and investor Akash Bhansali.  

Several family offices and high net-worth individuals also took part, either directly or through investment vehicles. 

Deployment of Capital 

Inox Clean Energy said the proceeds will be used for capacity expansion across its independent power producer (IPP) business and solar manufacturing operations.  

The company is active in renewable energy generation and solar manufacturing, with projects in India and select overseas markets. 

Acquisitions and Expansion Pipeline 

Over the past few months, Inox Clean Energy has acquired renewable IPP portfolios from Vibrant Energy, a platform owned by Australia-based Macquarie, and SunSource Energy, a subsidiary of Netherlands-headquartered SHV Energy. These transactions together added around 1.6 gigawatts of capacity to the company’s portfolio. 

The company has also said it is in advanced stages of talks to acquire a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility located outside India. 

Capacity Targets and Listing Plans 

Inox Clean Energy has outlined medium-term targets of achieving 10 GW of installed IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28. Once these levels are reached, consolidated annual revenue is expected to be about ₹30,000 crore. 

As per news reports, the company is considering filing a draft red herring prospectus for an Initial Public Offering (IPO) during the current quarter, with a potential issue size of ₹6,000-10,000 crore. 

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Conclusion  

With fresh equity capital in place, Inox Clean Energy is advancing its capacity expansion plans across IPP and solar manufacturing operations. The company is also assessing an initial public offering, subject to market conditions. 

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