Indian independent power producer (IPP) Inox Clean Energy and its manufacturing subsidiary Inox Solar have tied up equity financing totalling INR31 billion (US$340 million).
This financing will go towards helping the two companies reach 10GW of installed capacity, as well as 11GW of annual module manufacturing nameplate capacity by fiscal year 2028. According to Inox Clean Energy, both the downstream and upstream targets are forecast to generate consolidated annual revenues of INR300 billion.
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Inox Solar has already made some progress towards reaching that 10GW target, as last year it secured land for the construction of a 4.8GW solar cell and module assembly plant in the state of Odisha.
The IPP, on the other hand, recently acquired a 250MW solar PV portfolio from SunSource Energy, as well as a nearly 1.4GW portfolio of Macquarie-owned IPP Vibrant Energy.
Moreover, the Indian company is in advanced stages to acquire a multi-gigawatt IPP portfolio, as well as an integrated solar PV manufacturing plant outside of India, according to Inox Clean Energy.
“With a presence across multiple key growth geographies globally, Inox Clean has large-scale and diversified growth opportunities over the next decade, backed by a business model that minimises balance-sheet and execution risks, maximises returns, and optimises utilisation of excess cash for furthering growth,” said Devansh Jain, executive director at INOXGFL Group. Both companies are part of the wider conglomerate INOXGFL Group.
The equity round saw the participation of international and domestic investors such as the US’ largest pension fund California Public Employees’ Retirement System (CalPERS), SUN Group Global, Authum Investments and Akash Bhansali, among others.
