Inox Clean Energy is the renewable energy business of Indian conglomerate INOXGFL Group. The energy company manufactures solar modules and cells, then feeds those into a pipeline of renewable projects that supply power to commercial and industrial customers, energy exchanges and other buyers.
Within the next two years, the company is looking to expand its solar manufacturing capacity from about six gigawatts to more than 11 gigawatts, and its portfolio of solar and wind assets from about three gigawatts to 15 gigawatts.
To support its growth plans, Inox Clean Energy has been snapping up companies, land and capital. I
ts latest backer is the family office of Adar Poonawalla, whose father founded the global vaccine giant Serum Institute of India (Adar is the current CEO). The family office invested seven billion rupees ($73.3 million) in Inox Clean Energy via its investment group Rising Sun Holdings.
The capital infusion follows a $345 million equity round in January, where CalPERS, the US’s largest public pension, was one of Inox Clean Energy’s primary investors. The pension fund has set a goal of investing $100 billion of its assets into climate-aligned investments by 2030; it has surpassed 60% of its target.
CalPERS’ investment in Inox Clean Energy has supported Inox’s strategic acquisitions, which includes a deal in June to acquire Vena Energy India. Vena has a gigawatt of wind, solar and energy storage assets, as well as seven gigawatts of assets in its development pipeline.
In May, Inox inked a deal to acquire the solar manufacturing assets of US-based Boviet Solar Technology. Half of Inox’s solar module manufacturing capacity is now based in the US.
