The Adar Poonawalla Family Office has invested ₹700 crore in Inox Clean Energy Ltd, valuing the integrated renewable energy platform at ₹70,000 crore. The investment has been made through Rising Sun Holdings Pvt. Ltd., marking another significant capital infusion into India’s rapidly expanding clean energy sector.
The funding follows an earlier investment round of nearly ₹800 crore, led by California Public Employees’ Retirement System, the largest public pension fund in the United States, along with several institutional investors, family offices and high-net-worth individuals.
According to Inox Clean Energy, the latest capital infusion will strengthen its balance sheet and enhance financial flexibility as the company accelerates its expansion plans. The proceeds will be used to develop new renewable energy generation projects, expand solar manufacturing operations and pursue strategic acquisitions across domestic and international markets.
The company has been on an aggressive growth trajectory over the past year, completing 10 strategic acquisitions in the last ten months to strengthen its integrated clean energy platform. These acquisitions have significantly expanded its presence across renewable power generation, solar manufacturing and related clean energy businesses.
Among its key transactions are the acquisition of the manufacturing assets of US-based Boviet Solar for US$750 million, along with the purchase of the Indian assets of Vena Energy, Vibrant Energy, the India business of SunSource Energy, and SkyPower, including its African operations.
Commenting on the investment, Devansh Jain, Executive Director of the INOXGFL Group, said the company has built strong momentum through a combination of organic growth and acquisitions, creating a robust integrated renewable energy platform capable of delivering long-term value.
Inox Clean Energy currently operates through Inox Neo, its renewable independent power producer (IPP) business, and Inox Solar Ltd, its solar manufacturing arm. The company has outlined ambitious expansion plans, targeting 15 GW of installed renewable energy capacity and 11 GW of integrated solar manufacturing capacity by FY28 through a mix of greenfield projects and strategic acquisitions.
Its business footprint now extends beyond India into international markets, including the United States and Africa, reflecting its global growth strategy.
With the latest investment, Inox Clean Energy has further diversified its investor base, which includes CalPERS, RJ Corp, Authum Investments, investor Akash Bhansali, and several family offices and institutional investors.
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