This follows an investment from CalPERS (California Public Employees’ Retirement System, the largest pension fund in the US), which had invested approximately Rs 800 crore in the previous rounds, amongst other investors, the company said in a statement.
The latest announcement comes on the back of the Company’s rapid expansion through both organic growth and strategic acquisitions. Over the last ten months, Inox Clean has completed 10 strategic acquisitions substantially strengthening its integrated renewable energy platform across independent power production (IPP), solar manufacturing, and related clean energy businesses, it added.
Some of the acquisitions include US-based Boviet Solar’s manufacturing assets for USD 750 million, BlackRock owned GIP’s Indian asset – Vena Energy, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy and CalPERS-backed SkyPower, including its Africa business.
“We are delighted to welcome Adar Poonawalla Family Office as an investor in Inox Clean. This investment is a strong endorsement of our vision, execution capabilities, and long-term growth strategy,” Devansh Jain, Executive Director, INOXGFL Group, said.
“Over the past year, we have built tremendous momentum by successfully executing our growth roadmap through a combination of organic expansion and strategic acquisitions. Having completed ten acquisitions in the last ten months, we have significantly strengthened our integrated renewable energy platform and created a robust foundation for sustained long-term value creation,” he said.
This also reflects the confidence that leading investors have in Inox Clean’s differentiated business model, disciplined capital allocation, and ability to consistently execute at scale. As India’s energy transition gathers pace, we remain focused on building one of the country’s most diversified and globally competitive clean energy platforms, Jain said.
“We welcome Poonawalla as a long-term partner in this journey and look forward to creating enduring value for all our stakeholders,” he added.
