The Adar Poonawalla Family Office has invested Rs 700 crore (around $73.3 million) in India’s Inox Clean Energy Ltd at a valuation of Rs 70,000 crore, per an announcement.
The renewable energy platform had earlier raised Rs 800 crore from the California Public Employees’ Retirement System (CalPERS) in previous funding rounds.
The fresh capital routed through Rising Sun Holdings Pvt. Ltd will be used to strengthen the company’s balance sheet and support its expansion plans, including adding new renewable energy projects and increasing manufacturing capacity.
The company is also said to be evaluating strategic acquisition opportunities in India and overseas.
Inox Clean has announced several acquisitions in recent past, including US-based Boviet Solar’s manufacturing assets for $750 million, Vena Energy’s Indian operations, Vibrant Energy, SunSource Energy’s Indian business, and SkyPower, including its Africa business.
“Over the past year, we have built tremendous momentum by successfully executing our growth road map through a combination of organic expansion and strategic acquisitions,” said Devansh Jain, Executive Director, INOXGFL Group.
Inox Clean operates through two businesses—Inox Neo Energies, its independent power producer (IPP) arm; and Inox Solar, which manufactures solar cells and modules.
According to information available on its website, the company has plans to build 14 GW of renewable energy generation capacity and 11 GW of solar cell and module manufacturing capacity by FY29.
