Inox Clean Energy, the renewable arm of the INOXGFL Group, along with its subsidiary, Inox Solar, has raised equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) pre-money.

The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System (CalPERS), a U.S. pension fund, SUN Group Global, Authum Investment, Akash Bhansali, other family investors and high net-worth individuals.

The company said it will use the proceeds to expand capacity across its renewable independent power production (IPP) and solar manufacturing verticals.

Inox Clean Energy had recently acquired the Indian renewable IPP portfolios of Vibrant Energy, a Macquarie-owned IPP platform.

It is also in advanced stages of acquisition of a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility based outside India.

Inox aims to install 10 GW of IPP capacity and 11 GW of integrated solar module manufacturing capacity by the financial year 2028, with expected consolidated annual revenues of ~₹300 billion (~$3.33 billion).

Commenting on the development, Devansh Jain, Executive Director at INOXGFL, said,  Inox Clean has large-scale, diversified growth opportunities over the next decade, backed by a business model that minimizes balance-sheet and execution risks, maximizes returns, and optimizes the utilization of excess cash to further growth.

Inox Clean operates across the renewable IPP business (under its subsidiary, Inox Neo) and the solar manufacturing business (under its subsidiary, Inox Solar).

Recently,  Inox Neo Energies acquired around 300 MW of operational solar projects from SunSource Energy. The company is also in the process of acquiring an estimated 50 MW of solar projects pending approvals from SunSource Energy. The projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra.

In September 2025, Inox Neo Energies executed definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.