Inox Clean Energy has raised ₹3,100 crore in an equity funding round diluting around 6% stake to multiple foreign and domestic investors, sources said.
In a statement on Wednesday, the company said it will utilise the proceeds towards achieving 10 gigawatt capacity target by FY28.
Inox Clean Energy Ltd (Inox Clean), along with its subsidiary Inox Solar Ltd, has tied up equity totalling ₹3,100 crore, the INOXGFL Group company said without sharing details related to quantum of the stake.
1 January 2026
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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.
As per market sources, the company has diluted 5.8% equity to these investors.
Inox Clean Energy is looking to file DRHP for its IPO during this quarter and looks to raise funds in the range of ₹ 6,000-10,000 crore from the public issue.
A query sent to the company in this regard remained unanswered.
Inox Clean further said it intends to utilise the funds for capacity expansion across both the IPP and solar manufacturing verticals.
Commenting on the development, INOXGFL Group Executive Director Devansh Jain said, "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." The fundraise follows Inox Clean Energy executing definitive agreements with Australia-based Macquarie Corporate Holdings Pty Ltd and other shareholders to acquire renewable assets of Vibrant Energy in December.
The company acquired 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.
As per the company statement, Inox Clean is in advanced stages of acquisition of a multi-gigawatt IPP (independent power producer) portfolio and an integrated solar manufacturing facility based outside India.
