Renewable energy operation and maintenance (O&M) company Inox Green Energy has approved the allocation of 18.11 million equity shares through a qualified institutions placement (QIP) to eligible buyers.

The company’s board of directors approved the allocation of 18,110,473 equity shares at an issue price of ₹165.65 (~$1.73) per share, including a premium of ₹155.65 (~$1.62) per share. The shares have a face value of ₹10 (~$0.1) each. The placement amounts to approximately ₹3 billion (~$31.3 million).

The issue price represents a discount of ₹8.71 (~$0.09) per share, or 5%, to the floor price of ₹174.36 (~$1.82) per share.

The QIP opened on September 24, 2026.

In January, Inox Green Energy signed an agreement with engineering, procurement, and construction solutions provider KEC International to provide O&M services for a 625 MW solar project at Bhadla, Rajasthan.

Inox Green was among the top solar project O&M service providers in India for 2025, according to Mercom’s India Solar Market Leaderboard 2026 Report. Inox Green accounted for about 27% of the total contracted solar O&M capacity. The company’s growth was supported by its ability to secure long-term service agreements for utility-scale projects and maintain scale-driven operational efficiency.

As energy storage takes on a vital role in India’s renewable energy projects, O&M services are moving from routine maintenance to data-led asset performance management. Operators are increasingly using predictive analytics, generation forecasting, thermography, drone inspections, and advanced diagnostics to reduce downtime and improve generation. The integration of battery energy storage is also expanding O&M requirements to include state-of-charge management, cycling, thermal safety, and grid compliance.

Global solar companies raised $16.9 billion in corporate funding during the first half (1H) of 2026, a 56% year-over-year increase from $10.8 billion in the corresponding period of 2025, according to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report.