Inox Clean Energy Secures ₹1,500 Crore from Motilal Oswal to Accelerate 6+ GW Expansion

17 August 2026

Deal Structure and Capital Infusion

Inox Clean Energy Ltd., the renewable and clean energy platform of the INOXGFL Group, has raised a major ₹1,500 crore financing package from the Motilal Oswal Group via its alternative investments segment, MO Alternates. The deal has been executed in the form of Compulsorily Convertible Debentures (CCDs), providing a dual private credit structure that provides downside yield coverage with equity gains on listing. In terms of the arrangement, ₹1,000 crore has been raised upfront, whereas the rest of the ₹500 crore will be invested in future milestone-based tranches. The current funding round is an integral component of the firm's plan to prepare itself for an IPO in the coming 12 to 24 months.

Strategic Allocation and Capacity Expansion

The new investments will be deployed to fund organic capital expenditure and business acquisitions within Inox Clean Energy’s IPP business and solar equipment manufacturing segments. Regarding power generation, through Inox Neo Energies, Inox Clean Energy currently has a portfolio of about 3 GW and has set a target of increasing its portfolio to more than 6 GW by FY27, along with expanding into international markets such as Zimbabwe. At the same time, the investment will be utilized to fund its solar equipment manufacturing subsidiary, Inox Solar, which already has 3 GW of module manufacturing capability in Gujarat and an integrated 5 GW cell and module manufacturing facility under construction, apart from US-based manufacturing capabilities.

Institutional Backing and Valuation Momentum