InoxGFL's Renewable Arm Secures Rs 300 Crore Investment
IGREL Renewables Ltd., the renewable energy subsidiary of InoxGFL Group, has successfully raised Rs 300 crore in equity capital by diluting a single-digit stake in the company. This funding round saw investments from prominent figures Akash Bhansali, Rohit Kothari, and Madhusudan Kela, who contributed through their respective entities.
Devansh Jain, Executive Director of InoxGFL Group, highlighted that this venture places InoxGFL among a select group of global players with a comprehensive presence across the entire renewable energy value chain. This includes project development, manufacturing, engineering, procurement, and construction (EPC), operations and maintenance (O&M), power supply, and consumption.
Jain explained that IGREL Renewables is being developed as a private entity to avoid burdening the group's listed companies with non-core debt. The company is set to be rebranded as Inox Clean Energy in the near future.
IGREL Renewables aims to establish itself as a leading renewable power generation platform in India, with plans to achieve an installed capacity of 2 gigawatts (GW) by FY27. This capacity will be a mix of wind and solar energy, with a total capital expenditure (capex) target of Rs 12,000 crore. The funding for this initiative will come from a blend of equity (25%) and debt (75%).
The company has already made significant progress, placing firm orders for 200 megawatts (MW) and signing letters of intent (LoIs) for an additional 550 MW with Inox Wind for wind energy projects to be executed on a turnkey basis. For its solar capacity expansion, IGREL has issued multiple LoIs to solar EPC companies and plans to place further orders soon. Additionally, IGREL has secured power purchase agreements (PPAs) from Group companies and large commercial and industrial (C&I) customers for over 600 MW and is in advanced discussions with other C&I customers for additional PPAs. Some capacities are also planned to be sold on power exchanges.
IGREL benefits from Inox Wind’s turnkey project execution capabilities, which include ready sites, developed evacuation infrastructure, and ongoing project approvals. This infrastructure will facilitate the accelerated commissioning of IGREL’s solar projects. Furthermore, Inox Green will provide multi-year O&M services for IGREL’s entire capacity, contributing to the significant growth of its renewable energy portfolio.