Inox Clean Energy Secures ₹1,500 Crore Investment from Motilal Oswal Group to Fund Acquisitions and Platform Expansion
Inox Clean Energy Limited, the renewable energy arm of the INOXGFL Group, has secured a fresh investment commitment of ₹1,500 crore from the Motilal Oswal Group. Of this amount, ₹1,000 crore has already been infused into the company, with the remaining sum to follow as part of the deal. The investment has come in through Compulsorily Convertible Debentures (CCDs), with the funds largely earmarked for inorganic growth, including acquisitions and platform expansion.
The investment follows a ₹700 crore commitment from the Adar Poonawalla Family Office. The company's existing investor base includes CalPERS, RJ Corp, Hero Group, Authum Investments and Akash Bhansali, among other family offices and high-net-worth investors. Inox Clean operates through two subsidiaries: Inox Neo Energies Limited, which handles the renewable independent power producer (IPP) business, and Inox Solar Limited, which manages solar manufacturing.
Inox Clean has expanded rapidly through acquisitions over the past 18 months, including the manufacturing assets of US-based Boviet Solar, and renewable energy platforms previously backed by major global investors — Vena Energy (formerly owned by BlackRock's GIP), Vibrant Energy (formerly owned by Macquarie), SunSource Energy (formerly owned by SHV), and SkyPower, which included CalPERS backing and African operations.
On capacity, the company's India IPP portfolio reached 3 GW as of June 2026, with a target of more than 6 GW of operational capacity by the end of FY27. In Africa, construction has begun on a project in Zimbabwe. On the manufacturing side, Inox Clean operates a 3 GW solar module facility in Gujarat, with a larger 5 GW module-and-cell facility under construction. In the US, the company has a 3 GW module manufacturing unit already operational, with a 3 GW cell manufacturing facility expected to start soon.