Motilal Oswal Group to invest ₹1,500 crore in Inox Clean Energy

Inox Clean Energy Ltd, the integrated renewable energy platform of the INOXGFL Group, on Thursday said the Motilal Oswal Group has committed to invest ₹1,500 crore in the company, with an initial investment of ₹1,000 crore already completed. 

The investment is being made through Compulsorily Convertible Debentures (CCDs) and will primarily be used to support Inox Clean Energy’s growth plans, including inorganic expansion initiatives. 

The investment from Motilal Oswal Group, a diversified financial services group with businesses spanning capital markets, wealth and asset management, investment banking and private capital, comes amid growing investor interest in Inox Clean Energy’s integrated renewable energy platform. 

The transaction follows a ₹700-crore investment by the Adar Poonawalla Family Office. Other marquee investors in Inox Clean Energy and its subsidiaries include CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, as well as other family offices and high-net-worth individuals. 

“This investment from the Motilal Oswal Group is a strong endorsement of our integrated business model, execution capabilities, and long-term vision,” said Devansh Jain, Executive Director, INOXGFL Group.

“Today, Inox Clean has emerged as one of the fastest-growing integrated renewable energy platforms in India and 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,” Jain added. 

Inox Clean Energy operates across the renewable independent power producer (IPP) business through its subsidiary Inox Neo Energies Ltd and the solar manufacturing business through Inox Solar Ltd.  

Rakshat Kapoor, Head–Private Credit at MO Alternates, said India’s energy transition presents a compelling long-term investment opportunity and that Inox Clean Energy is well positioned to benefit from the sector’s growth. 

“India’s energy transition presents one of the most compelling long-term investment opportunities globally, and we believe Inox Clean is well positioned to capitalise on this transformational growth,” Kapoor said. 

Over the past 18 months, Inox Clean Energy has expanded through organic growth and strategic acquisitions. These include the manufacturing assets of US-based Boviet Solar and renewable energy platforms backed by 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. 

The company’s renewable IPP portfolio in India reached 3 GW as of June 2026 and is expected to exceed 6 GW of operational capacity by the end of FY27. 

In Africa, the company has commenced construction of a renewable energy project in Zimbabwe. The company said the African market offers a significant structural opportunity, supported by attractive project internal rates of return, sovereign power purchase agreements, and existing land and grid connectivity. 

In solar manufacturing, Inox Clean Energy has a 3 GW module facility operational in Gujarat and is developing a 5 GW module and cell manufacturing facility. In the US, the company has established a 3 GW module manufacturing facility, with a further 3 GW cell manufacturing facility expected to become operational soon. 

The US manufacturing operations are positioned to benefit from tax incentives under the Inflation Reduction Act, including 45X tax credits, as well as recent Section 232 measures, the company said. 

Under the INOXGFL Group’s ‘One Integrated Strategy’, Inox Clean Energy also leverages the capabilities of Inox Wind in wind turbine manufacturing, Inox Renewable Solutions in EPC and Inox Green Energy Services in operations and maintenance. 

The group said the integrated model is aimed at improving execution, strengthening supply-chain reliability and enabling cross-selling across businesses as demand for renewable energy infrastructure expands.