Motilal Oswal Group will invest ₹1,500 crore in Inox Clean Energy, including ₹1,000 crore already invested through CCDs, to support acquisitions and capacity expansion across renewable power and solar manufacturing.
The Motilal Oswal Group will invest ₹1,500 crore in Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, as the company steps up its expansion through acquisitions and capacity additions. Of the committed investment, ₹1,000 crore has already been completed through compulsorily convertible debentures (CCDs), the company stated on Thursday.The investment comes as Inox Clean scales up its renewable power generation and solar manufacturing businesses and follows a ₹700-crore investment by the Adar Poonawalla Family Office. Other investors in the company and its subsidiaries include CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, as well as family offices and high-net-worth investors.The fresh capital will primarily be used to fund Inox Clean’s growth, particularly inorganic expansion. Over the past 18 months, the company has expanded through acquisitions including the manufacturing assets of US-based Boviet Solar and renewable energy platforms backed by global investors such as BlackRock-owned GIP’s Vena Energy, Macquarie-owned Vibrant Energy, SHV-owned SunSource Energy and CalPERS-backed SkyPower, including its Africa business.IPP capacity targeted to double“This investment from the Motilal Oswal Group is a strong endorsement of our integrated business model, execution capabilities, and long-term vision,” Devansh Jain, Executive Director, INOXGFL Group, stated. “Today, Inox Clean has emerged as one of the fastest-growing integrated renewable energy platforms in India and globally,” he added. Inox Clean’s renewable independent power producer (IPP) portfolio in India stood at 3 GW at the end of June 2026 and is targeted to cross 6 GW of operational capacity by the end of FY27. Its Africa IPP business has also begun construction of a project in Zimbabwe, with the company identifying the region as a significant growth opportunity.Solar manufacturing footprint expandsOn the manufacturing side, Inox Clean has a 3-GW solar module facility already operational in Gujarat and is developing a 5-GW integrated module and cell manufacturing facility. In the US, the company has established a 3-GW module manufacturing facility, while another 3-GW cell facility is expected to become operational soon. The US operations are expected to benefit from tax incentives under the Inflation Reduction Act and recent Section 232 measures.Published on August 13, 2026
