India's Inox Clean Energy Secures INR 70 Billion Investment to Accelerate Renewable Energy Expansion

en.Wedoany.com Reported - Inox Clean Energy, an integrated renewable energy platform in India, has secured an investment of INR 70 billion (approximately USD 770 million) from the Adar Poonawalla family office through Rising Sun Holdings Pvt. Ltd., valuing the company at INR 700 billion (approximately USD 7.7 billion).

Inox Clean Energy stated that this capital injection will strengthen the company's balance sheet, providing financial flexibility for new renewable energy projects, manufacturing capacity expansion, and strategic acquisitions both domestically and internationally. Previously, the company had completed ten strategic acquisitions in the independent power generation, solar manufacturing, and related clean energy business sectors over a period of approximately ten months. The latest acquisition projects include the purchase of Boviet Solar's manufacturing assets in the United States for USD 750 million, GIP's Indian assets Vena Energy, Vibrant Energy, SunSource Energy's Indian assets, and SkyPower (including its African operations).

Devansh Jain, Executive Director of the INOXGFL Group, said: "This investment is a recognition of our vision and execution capabilities. Over the past year, we have successfully executed our growth roadmap through a combination of organic growth and strategic acquisitions. After completing ten acquisitions in the past ten months, we have significantly strengthened our integrated renewable energy platform, laying the foundation for long-term value creation."

Existing investors in Inox Clean Energy and its subsidiaries include CalPERS, RJ Corp, Authum Investments, Akash Bhansali, family offices, and high-net-worth individuals. The company operates its renewable energy IPP business through its subsidiary Inox Neo and its solar manufacturing business through Inox Solar, targeting an installed capacity of 15 GW for renewable energy IPP and 11 GW for integrated solar manufacturing by fiscal year 2028, with operations spanning India, the United States, and Africa.