Inox Clean Energy Secures Rs 3,100 Crore in Equity Boost for Solar Expansion

Inox Clean Energy has raised Rs 3,100 crore through equity funding by diluting a 5.8% stake to various investors. The funds will support the company's aim of achieving 10 GW of installed capacity by FY28, along with plans for an IPO this quarter to raise further capital.

Inox Clean Energy has successfully raised Rs 3,100 crore in an equity funding round, which involved a 5.8% stake dilution to a variety of global and domestic investors, sources confirm. Among the investors are notable names such as CalPERS, SUN Group Global, and Authum Investments.

The company's statement on Wednesday detailed plans to channel these funds towards realizing its ambitious goal of reaching 10 GW in installed capacity by the fiscal year 2028. Valuation of the company's equity stands at an impressive Rs 50,000 crore, although further details about the stake's quantum were not disclosed.

Inox Clean Energy is preparing to file a Draft Red Herring Prospectus (DRHP) for its upcoming IPO within this quarter, aiming to secure between Rs 6,000 to Rs 10,000 crore from the public issue. The proceeds are earmarked for capacity expansion across both IPP and solar manufacturing sectors.

(With inputs from agencies.)