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Inox Clean Energy Limited has secured INR 700 crore in fresh funding from Rising Sun Holdings Pvt Ltd, part of the Adar Poonawalla Family Office, at a valuation of INR 70,000 crore. The investment follows an earlier INR 800 crore infusion from CalPERS and strengthens the company's financial position as it expands its renewable energy and solar manufacturing businesses. The funding reflects continued investor confidence in Inox Clean's growth strategy, execution capabilities, and long-term plans, including scaling its renewable energy generation and integrated solar manufacturing capacities by FY28.
Inox Clean Energy Limited (Inox Clean) has raised INR 700 crore in fresh funding from Rising Sun Holdings Pvt Ltd, part of the Adar Poonawalla Family Office, at a valuation of INR 70,000 crore. The investment adds to the company's recent capital raising efforts and comes after California Public Employees' Retirement System (CalPERS), the largest public pension fund in the US, invested around INR 800 crore in previous funding rounds along with other investors.
The latest investment is expected to support Inox Clean's expansion plans and reflects continued investor confidence in the company's long-term growth strategy. Over the past year, the company has been strengthening its renewable energy business through a combination of organic expansion and strategic acquisitions.
Executive Director of the INOXGFL Group, Devansh Jain, said that the company welcomed the Adar Poonawalla Family Office as an investor, adding that the investment reflected confidence in Inox Clean's vision, execution capabilities, and long-term growth plans. He further stated that the company had built strong momentum over the past year by successfully implementing its expansion roadmap through both organic growth and strategic acquisitions.
The company said the investment further strengthens its position as one of India's large integrated renewable energy platforms. It also highlighted continued investor confidence in its disciplined execution and long-term plans, which include achieving 15 GW of installed renewable energy independent power producer (RE IPP) capacity and 11 GW of integrated solar manufacturing capacity by FY28.
An RE IPP, or Renewable Energy Independent Power Producer, refers to a company that develops, owns and operates renewable energy projects and sells the electricity generated to utilities, businesses or other consumers under long-term agreements.
Inox Clean Energy is the integrated renewable energy platform of the INOXGFL Group. The company operates its renewable energy independent power producer business through its subsidiary, Inox Neo, while its solar manufacturing operations are carried out through Inox Solar Limited. In recent years, the group has expanded its clean energy portfolio as India continues to accelerate renewable energy capacity additions and domestic solar manufacturing under government-backed initiatives aimed at strengthening the country's clean energy ecosystem.
Source PTI
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