Inox Clean Energy has secured a Rs 700 crore investment from the Adar Poonawalla Family Office, valuing the integrated renewable energy platform at Rs 70,000 crore and strengthening its balance sheet for its next leg of growth.
The investment, made through Rising Sun Holdings Pvt. Ltd., comes less than a year after the company attracted around Rs 800 crore from the California Public Employees' Retirement System (CalPERS), underscoring continued institutional appetite for India's renewable energy sector.
The fundraising follows an aggressive acquisition spree that has transformed Inox Clean into one of the country's fastest-growing clean energy platforms. Over the past 10 months, the company has completed 10 strategic acquisitions spanning renewable power generation, solar manufacturing and related businesses.
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Among the notable deals are the purchase of US-based Boviet Solar's manufacturing assets for $750 million, as well as the acquisitions of Vena Energy's Indian assets, Vibrant Energy, SunSource Energy's Indian business and CalPERS-backed SkyPower, including its Africa operations.
The fresh capital will be used to strengthen the company's financial position while supporting new renewable energy projects, expanding manufacturing capacity and pursuing further acquisitions in India and overseas.
"This investment is a strong endorsement of our vision, execution capabilities and long-term growth strategy," Devansh Jain, Executive Director at INOXGFL Group, said in a statement, adding that the company had built momentum through a combination of organic expansion and acquisitions.
Inox Clean, part of the INOXGFL Group, is targeting 15 GW of renewable energy generation capacity and 11 GW of integrated solar manufacturing capacity by FY28. Its existing investor base includes CalPERS, RJ Corp, Authum Investments and several family offices and high-net-worth investors.
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