Inox Clean raises INR 700 crore from Adar Poonawalla Family Office

Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, announced this week that Adar Poonawalla Family Office, through Rising Sun Holdings, has invested INR 700 crore in the company at a valuation of INR 70,000 crore.

This follows an earlier investment by CalPERS (California Public Employees’ Retirement System), the largest public pension fund in the US, which invested approximately INR 800 crore in previous funding rounds, alongside other investors.

The latest investment comes on the back of Inox Clean Energy’s rapid expansion through both organic growth and strategic acquisitions.

Over the past ten months, Inox Clean has completed a series of strategic acquisitions across renewable power generation, solar manufacturing, and related clean energy businesses, strengthening its presence in India and global markets while building a fully integrated clean energy platform spanning the renewable energy value chain. These acquisitions include the manufacturing assets of US-based Boviet Solar for $750 million, Vena Energy’s Indian assets from BlackRock-owned GIP, Macquarie-owned Vibrant Energy, the Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.

The company stated that the new capital will further strengthen its balance sheet and provide additional financial flexibility to pursue its expansion plans, including the development of new renewable energy projects, expansion of manufacturing capacity, and strategic acquisition opportunities in India and overseas.