Noida: Inox Clean Energy Limited (“Inox Clean”), an INOXGFL Group company, announced on Wednesday that the Company, along with its subsidiary — Inox Solar Limited — has tied up equity totalling ~ ₹3,100 crore. The equity at Inox Clean was tied up at a pre-money valuation of ~ ₹50,000 crore. The equity round witnessed participation from marquee foreign and domestic investors, including CalPERS (California Public Employees’ Retirement System, the largest pension fund in the US), SUN Group Global, Authum Investments, Akash Bhansali, among other family offices and HNI investors, either directly or through their investment vehicles. Inox Clean intends to utilise the funds for capacity expansion across both the IPP and solar manufacturing verticals.
Inox Clean, the integrated renewable energy platform of the INOXGFL Group, is rapidly expanding globally across both renewable energy IPP and solar manufacturing verticals. The Company has recently acquired the Indian renewable IPP portfolios of Vibrant Energy (a Macquarie-owned IPP platform) and SunSource Energy (a wholly owned subsidiary of the Netherlands-headquartered MNC SHV Energy), cumulatively totalling ~ 1.6 GW, and is in advanced stages of acquisition of a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility based outside India.
The latest equity tie-up will aid the Company in achieving its target of 10 GW of installed IPP capacity as well as 11 GW of integrated solar module manufacturing capacity by FY28, which is expected to generate consolidated annual revenues of ~ ₹30,000 crore.
Commenting on the development, Devansh Jain, Executive Director, INOXGFL Group, said: “The latest investment round at Inox Clean has witnessed participation from some of the largest and most credible long-term global and domestic investors, including CalPERS, SUN Group Global, as well as some of India’s biggest HNI investors. I thank all of them for endorsing Inox Clean’s vision to become one of India’s largest integrated renewable energy platforms. 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 FY28. With a presence across multiple key growth geographies globally, Inox Clean has large-scale and diversified growth opportunities over the next decade, backed by a business model that minimises balance-sheet and execution risks, maximises returns, and optimises utilisation of excess cash for furthering growth. I am confident that Inox Clean will continue delivering significant value for all stakeholders going ahead.”
