In a major milestone for the nation’s clean energy transition and climate action targets, India has surpassed 300 GW of non-fossil-fuel-based installed electricity generation capacity as of 31 July 2026 – over 60 per cent of the 500 GW capacity targeted to be achieved by 2030. Against this backdrop, Inox Clean Energy Limited, the integrated renewable energy platform of the INOXGFL group, has announced an investment commitment of Rs1,500 crore from the Motilal Oswal group (MOG), with an initial investment of Rs1,000 crore already completed.
MOG is one of India’s leading diversified financial services institutions, with an established presence across capital markets, wealth and asset management, investment banking and private capital. Its investment in Inox Clean reflects increasing investor confidence in the company’s integrated renewable energy platform, with strong management, execution capabilities and long-term growth strategy. The funds raised are in the form of ‘compulsorily convertible debentures’ (CCDs) and will be utilised towards Inox Clean’s growth trajectory – particularly fuelling inorganic growth initiatives.
This follows a Rs700-crore investment by the Adar Poonawalla family in Inox Clean. Other marquee investors in the company and its subsidiaries include CalPERS, RJ Corp, Hero group, Authum Investments, Akash Bhansali and other families, as well as HNI investors.
Inox Clean operates across the renewable independent power producer (IPP) business under its subsidiary Inox Neo Energies Limited and the solar manufacturing business under its subsidiary Inox Solar Limited. “This investment from the MOG is a strong endorsement of our integrated business model, execution capabilities and long-term vision,” affirms Devansh Jain, ED, INOXGFL group. “Today, Inox Clean has emerged as one of the fastest-growing integrated renewable energy platforms in India, as also globally. Through our ‘one integrated strategy’, we have built a unique ecosystem that brings together renewable power generation, solar manufacturing, wind turbine manufacturing, EPC and O&M capabilities under one umbrella, enabling us to deliver end-to-end clean energy solutions. We look forward to partnering with the MOG, as we accelerate our next phase of growth and create long-term value for all our stakeholders”.
Organic expansion
“India’s energy transition presents one of the most compelling long-term investment opportunities globally,” remarked Rakshat Kapoor, head, private credit, MO Alternates. “And we believe Inox Clean is well-positioned to capitalise on this transformational growth. The company has built a differentiated integrated renewable energy platform, backed by strong execution capabilities, visionary leadership and a long-term strategy. We look forward to supporting Inox Clean’s journey towards building a globally leading integrated renewable energy platform, while creating long-term value for all stakeholders”.
Over the past 18 months, Inox Clean has rapidly scaled through organic expansion and strategic acquisitions, strengthening its operating portfolio and development pipeline. These include the manufacturing assets of the US-based Boviet Solar, as well as renewable energy platforms backed by leading global investors, including BlackRock-owned GIP’s Vena Energy, Macquarie-owned Vibrant Energy, SHV-owned SunSource Energy and CalPERS-backed SkyPower, including its Africa business.
Inox Clean’s renewable IPP portfolio in India has scaled to 3 GW at the end of June 2026 and is expected to exceed 6 GW of operational capacity by the end of 2026-27, positioning the company among the fastest-scaling IPP platforms. The company’s Africa IPP business has also commenced project construction in Zimbabwe. Africa represents a significant structural opportunity, with attractive project IRR and sovereign PPAs, with land and grid connectivity already in place.
The solar manufacturing vertical of Inox Clean is building a large manufacturing footprint in India, with a 3 GW module facility in Gujarat already operational and a 5 GW module and cell facility under development. Inox Clean’s solar operations in the US have established a 3 GW module manufacturing facility with a further 3 GW cell manufacturing facility expected to be operational soon. The US manufacturing footprint is positioned to significantly benefit from 45x tax credits under the IRA policy and recent Section 232 measures, strengthening the company’s profitability in one of the world’s largest solar markets.
Underpinned by the INOXGFL group’s ‘one integrated strategy’, Inox Clean brings together the complementary capabilities of Inox Wind in wind turbine manufacturing, Inox Renewable Solutions in EPC and Inox Green Energy Services in O&M, creating a synergistic ecosystem across the group. The interplay amongst these businesses enables faster execution, greater supply chain reliability and up-selling of products and services, allowing each group company to participate in the expanding renewable energy value chain.