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What is the story about?
Renewable energy platform Inox Clean Energy Ltd has raised ₹700 crore from Adar Poonawalla Family Office, through their investment arm, Rising Sun Holdings Pvt. Ltd, at a valuation of ₹70,000 crore, as the company seeks to strengthen its balance sheet and support further expansion.
The investment follows an earlier infusion of about ₹800 crore from American pension fund CalPERS (California Public Employees' Retirement System) in previous funding rounds.
The company said the fresh capital would provide financial flexibility to expand renewable energy projects, increase manufacturing capacity and pursue acquisitions in India and overseas.
Ten acquisitions in ten months
The announcement comes after Inox Clean completed 10 acquisitions over the past 10 months as it expanded its renewable energy platform across independent power production, solar manufacturing and related businesses.
The acquisitions include US-based Boviet Solar's manufacturing assets for $750 million, Vena Energy's Indian assets, Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
According to the company, the acquisitions have expanded its operating portfolio, manufacturing capacity and international presence.
"Over the past year, we have built tremendous momentum by successfully executing our growth roadmap through a combination of organic expansion and strategic acquisitions," Devansh Jain, Executive Director of InoxGFL Group, said.
Jain said the investment reflected investor confidence in the company's business model, capital allocation and ability to execute projects at scale.
The latest investment expands Inox Clean's investor base, which includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali, as well as several family offices and high-net-worth investors, reflecting continued investor interest in India's renewable energy sector.
The investment follows an earlier infusion of about ₹800 crore from American pension fund CalPERS (California Public Employees' Retirement System) in previous funding rounds.
The company said the fresh capital would provide financial flexibility to expand renewable energy projects, increase manufacturing capacity and pursue acquisitions in India and overseas.
Ten acquisitions in ten months
The announcement comes after Inox Clean completed 10 acquisitions over the past 10 months as it expanded its renewable energy platform across independent power production, solar manufacturing and related businesses.
The acquisitions include US-based Boviet Solar's manufacturing assets for $750 million, Vena Energy's Indian assets, Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
According to the company, the acquisitions have expanded its operating portfolio, manufacturing capacity and international presence.
"Over the past year, we have built tremendous momentum by successfully executing our growth roadmap through a combination of organic expansion and strategic acquisitions," Devansh Jain, Executive Director of InoxGFL Group, said.
Jain said the investment reflected investor confidence in the company's business model, capital allocation and ability to execute projects at scale.
The latest investment expands Inox Clean's investor base, which includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali, as well as several family offices and high-net-worth investors, reflecting continued investor interest in India's renewable energy sector.
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