Inox Clean Energy Raises ₹3,100 Cr Equity from CalPERS, SUN Group Global, Others

Inox Clean Energy Limited (Inox Clean), an INOXGFL Group company, along with its subsidiary Inox Solar Limited, has tied up around ₹3,100 crore in equity. In a press release, the company said it tied the equity at Inox Clean at a pre-money valuation of ₹50,000 crore. Inox Clean said it intends to utilise the funds for capacity expansion across both the IPP and solar manufacturing verticals.

Inox shared that the equity round witnessed participation from 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. 

INOXGFL group has been making rapid progress in expanding its solar manufacturing portfolio since its initial foray into solar manufacturing in December 2024. Through its integrated renewable energy platform Inox Clean, which is a part of the INOXGFL Group, the company 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.

Aligning Funding With Inox's Renewable Energy Goal

The latest equity tie-up will aid the company in achieving its 10 GW installed IPP capacity target and its 11 GW of integrated solar module manufacturing capacity goal set for 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."

Jain added, "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.”