Inox Clean Raises Rs 700 Cr From Poonawalla Family Office

Inox Clean Energy has raised Rs 700 crore from Adar Poonawalla Family Office, valuing the renewable energy firm at Rs 70,000 crore.

It’s not the company’s first marquee backer either. This follows an earlier round of about Rs 800 crore from CalPERS, the California Public Employees’ Retirement System and the largest public pension fund in the United States, along with participation from other institutional and high-net-worth investors.

The fresh capital is meant to do a few things at once. Inox Clean wants to strengthen its balance sheet, fund new renewable energy projects, expand manufacturing capacity, and pursue further acquisitions in India and overseas.

Acquisitions have defined the company’s past year, in fact. Inox Clean completed 10 of them in just 10 months, expanding across power generation, solar manufacturing, and related clean energy businesses.

The largest was the purchase of US-based Boviet Solar’s manufacturing assets for $750 million.

Other deals brought in the Indian assets of Vena Energy, along with Vibrant Energy, SunSource Energy’s Indian operations, and SkyPower, which also added SkyPower’s Africa business to the mix.

Devansh Jain, Executive Director of the INOXGFL Group, said the company built strong momentum over the past year through a mix of organic growth and acquisitions, and described the new investment as a reflection of investor confidence in the business and its ability to execute at scale.

Inox Clean has set itself an ambitious target too: 15 GW of installed renewable capacity and 11 GW of solar manufacturing capacity by FY28, to be reached through a mix of new projects and further acquisitions, spanning India, the US and Africa.

With this round, Inox Clean’s investor base now includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali, along with several family offices and high-net-worth individuals.

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