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					</table><p><a href="https://www.motilaloswal.com/our-businesses" target="_blank" rel="noopener">Motilal Oswal Group</a> has committed ₹15 billion (~$157.20 million) to <a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a>, the integrated renewable energy platform of the INOXGFL Group.</p>
<p>Of the amount, ₹10 billion (~$104.80 million) has already been invested through compulsorily convertible debentures.</p>
<p>The fresh capital will be utilized to support Inox Clean’s growth trajectory and its inorganic growth initiatives.</p>
<p>Inox Clean operates its renewable independent power producer (IPP) business through its subsidiary, Inox Neo Energies, and its solar manufacturing business through Inox Solar. Its solar manufacturing arm is operating a 3 GW module facility in Gujarat and has a 5 GW module and cell facility under development.</p>
<p>Devansh Jain, Executive Director at INOXGFL Group, said the investment from Motilal Oswal Group was a strong endorsement of the company’s integrated business model, execution capabilities, and long-term vision.</p>
<p>“Through our ‘One Integrated Strategy’, we have built a unique ecosystem that brings together renewable power generation, solar manufacturing, wind turbine manufacturing, EPC, and operation and maintenance capabilities under one umbrella, enabling us to deliver end-to-end clean energy solutions,” he added.</p>
<p>In the past 18 months, Inox Clean has expanded its operating portfolio and development pipeline through strategic <a href="https://www.mercomindia.com/inox-clean-energy-to-acquire-ningbo-boways-us-solar-unit" target="_blank" rel="noopener">acquisitions</a>, including the manufacturing assets of U.S.-based Boviet Solar.</p>
<p>Its Africa IPP business has also commenced project construction in Zimbabwe.</p>
<p>The company’s U.S. solar operations include a 3 GW module manufacturing facility, with a further 3 GW cell manufacturing facility expected to be operational soon.</p>
<p>Inox Clean&#8217;s renewable IPP portfolio in India reached 3 GW by June 2026 and is expected to cross 6 GW of operational capacity by the end of financial year 2027.</p>
<p>In July, Adar Poonawalla Family Office, through Rising Sun Holdings, <a href="https://www.mercomindia.com/adar-poonawalla-family-office-invests-%E2%82%B97-billion-in-inox-clean" target="_blank" rel="noopener">had</a> invested ₹7 billion (~$73.5 million) into Inox Clean, valuing the renewable energy platform at ₹700 billion (~$7.35 billion).</p>
<p>Apart from Rising Sun Holdings, other family offices and investors who have invested in Inox Clean include CalPERS, RJ Corp, Authum Investments, and Akash Bhansali.</p>


Inox Clean Raises ₹15 billion from Motilal Oswal Group


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					</table><p><a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a> has completed the acquisition of <a href="https://www.vibrantenergy.in/" target="_blank" rel="noopener">Vibrant Energy</a>, a renewable energy platform owned by <a href="https://www.macquarie.com/in/en.html" target="_blank" rel="noopener">Macquarie</a> and other shareholders, for approximately ₹50 billion (~$536.28 million).</p>
<p>The transaction adds a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets.</p>
<p>Inox Clean Energy had <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">reached</a> an agreement to acquire Vibrant Energy in December last year.</p>
<p>Vibrant Energy’s portfolio includes renewable assets across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.</p>
<p>Vibrant Energy has long-term power purchase agreements with leading commercial and industrial (C&amp;I) customers, including Amazon, Sify, Coca-Cola, Ultratech Cement, and Laurus Labs.</p>
<p>Inox Clean combines renewable power generation through its independent power producer (IPP) business with solar manufacturing capabilities, allowing it to offer end-to-end clean energy solutions to a wide range of customers.</p>
<p>The company said that with its 10 GW of operational power generation capacity, along with targets of 11 GW of solar module and 8 GW of solar cell manufacturing capacity by the financial year (FY) 2028, Inox Clean would achieve a consolidated annual revenue of about ₹300 billion (~$3.34 billion).</p>
<p>INOXGFL Group Executive Director Devansh Jain said the deal strengthens the company’s presence in the C&amp;I segment with high-quality counterparties and aligns with its growth strategy.</p>
<p>Inox Clean is a part of the INOXGFL Group. It is the holding company for INOXGFL’s renewables IPP business, held under Inox Neo Energies, and its solar manufacturing business, under Inox Solar.</p>
<p>Last month, the INOXGFL Group <a href="https://www.mercomindia.com/inox-to-acquire-wind-world-indias-600-mw-ipp-4-5-gw-om-portfolio" target="_blank" rel="noopener">announced</a> that it would acquire 600 MW of IPP and 4.5 GW of operations and maintenance businesses of wind energy developer Wind World India.</p>
<p>In January this year, Inox Clean Energy, along with its subsidiary, Inox Solar, <a href="https://www.mercomindia.com/inox-clean-secures-%E2%82%B931-billion-equity-to-scale-ipp-and-solar-manufacturing" target="_blank" rel="noopener">raised</a> equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) pre-money.</p>


Inox Clean Acquires Macquarie-Owned Vibrant Energy for ₹50 Billion


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					</table><p><strong> </strong><a href="https://inoxclean.com/inox-neo" target="_blank" rel="noopener">Inox Neo Energies</a>, the independent power producer (IPP) arm of <a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a>, has acquired around 300 MW of operational solar projects from <a href="https://www.sunsource-energy.com/" target="_blank" rel="noopener">SunSource Energy</a>.</p>
<p>Inox Neo is also in the process of acquiring an estimated 50 MW of solar projects pending approvals from SunSource Energy.</p>
<p>Under the transaction, Inox Neo will acquire 17 special-purpose vehicles from SunSource Energy for ₹7.5 billion (~$83.18 million). NIIF Infrastructure Finance acted as the lender for this transaction.</p>
<p>The projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra. They are being operated under various special-purpose vehicles that sell power under long-term arrangements to multiple commercial and industrial companies.</p>
<p>The projects have locked in long-term power purchase agreements with a weighted average tenure of around 24 years.</p>
<p>SunSource is a wholly owned subsidiary of SHV Energy, a Netherlands-headquartered multinational company.</p>
<p>The acquisition is a step toward Inox Clean’s target of achieving 3 GW of renewable energy generation capacity by the end of the financial year (FY) 2026 and 10 GW of installed capacity by FY 2028.</p>
<p>In December 2025, Inox Clean Energy <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">announced</a> it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders. The transaction will comprise Vibrant Energy’s portfolio of 1.3 GW of renewable energy projects, out of which 800 MW is operational.</p>
<p>In September 2025, Inox Solar, a subsidiary of INOXGFL, the parent company of Inox Clean Energy, <a href="https://www.mercomindia.com/inox-solar-commissions-1-2-gw-solar-module-capacity-in-gujarat" target="_blank" rel="noopener">commissioned</a> 1.2 GW of its 3 GW solar module manufacturing plant in Bavla, Ahmedabad, Gujarat. The manufacturing plant was established in four months.</p>
<p>In September 2025, Inox Neo <a href="https://mercomindia.com/inox-neo-energies-to-acquire-640-mw-renewable-hybrid-portfolio-from-evergreen" target="_blank" rel="noopener">executed</a> definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects. The transaction encompasses five wind-solar hybrid projects across Maharashtra, contracted by SJVN under hybrid tenders 1 and 2 (120 MW) and NTPC under hybrid tenders 1 and 2 (520 MW).</p>
<p>In another major acquisition, in June 2025, Inox Neo Energies <a href="https://www.mercomindia.com/inox-acquires-skypower-solar-india-50-mw-solar" target="_blank" rel="noopener">completed</a> the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh. Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months.</p>


Inox Neo Energies Acquires SunSource’s 300 MW Solar Projects


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					</table><p><a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a> has announced it is acquiring renewable energy platform <a href="https://www.vibrantenergy.in/" target="_blank" rel="noopener">Vibrant Energy</a> from <a href="https://www.macquarie.com/in/en.html" target="_blank" rel="noopener">Macquarie Corporate Holdings</a> and its other shareholders.</p>
<p>Inox has signed definitive agreements for the acquisition.</p>
<p><a href="https://www.sc.com/en/" target="_blank" rel="noopener">Standard Chartered Bank</a> was the exclusive advisor to Macquarie Group on this transaction.</p>
<p>The companies did not disclose the deal value.</p>
<p>Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which is 800 MW is operational. The projects are located across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.</p>
<p>It has signed long-term power purchase agreements with blue-chip commercial and industrial customers, with a weighted average tenure of 20 years.</p>
<p>Devansh Jain, Executive Director at <a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>, said post completion of this acquisition and other acquisitions nearing closure, Inox Clean’s renewable energy installed capacity will reach 3 GW by the end of the financial year (FY) 2026.</p>
<p>Inox Clean has set a target of achieving 10 GW of installed capacity by FY 2028.</p>
<p>The company said that with its 10 GW operational power generation capacity, along with 11 GW of solar module and 8 GW of solar cell manufacturing capacity targets by FY 2028, Inox Clean would achieve a consolidated annual revenue of about ₹300 billion (~$3.34 billion).</p>
<p>Mark Dooley, Executive Director, Macquarie Group, said that the sale of Vibrant Energy is a further step in the transition of its renewable energy activities to an asset management model under Macquarie Asset Management Green Investments. “We are proud to have worked with the Vibrant Energy team to grow the portfolio from 65 MW to 1337 MW in a short time.”</p>
<p>Inox Clean is a part of the INOXGFL Group. It is the holding company for INOXGFL’s renewables IPP business, held under Inox Neo Energies, and its solar manufacturing business, under Inox Solar.</p>
<p>In September 2025, Inox Neo Energies <a href="https://www.mercomindia.com/inox-neo-energies-to-acquire-640-mw-renewable-hybrid-portfolio-from-evergreen" target="_blank" rel="noopener">executed</a> definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.</p>
<p>In June 2025, it also <a href="https://www.mercomindia.com/inox-acquires-skypower-solar-india-50-mw-solar" target="_blank" rel="noopener">completed</a> the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh.</p>


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