Inox Clean Energy

Inox Clean Energy is committed to building an integrated renewables ecosystem, focusing on the manufacturing of high-quality solar modules and cells.

Inox Solar is an integrated solar cell & module manufacturing company

The power generated is supplied to captive users, third parties, energy exchanges, and commercial & industrial (C&I) customers, contributing to a greener and more energy-secure future.

Inox Neo Energies frames its relationship with power off-takers around delivering reliable, cost-effective clean power under long-term contracts rather than one-off or spot transactions.

In its African expansion via the RJ Corp joint venture, project relationships are anchored in sovereign-backed power purchase agreements with land and grid connections already secured — a government-backed, de-risked relationship model for its first international IPP push.

Inox Clean Energy's renewable assets sell power primarily through long-term power purchase and offtake agreements with central and state agencies such as the Solar Energy Corporation of India (SECI) and Gujarat Urja Vikas Nigam Ltd (GUVNL), acquired as part of the ~6 GW Vena Energy India portfolio.

A second route to market is direct, long-term power purchase agreements with blue-chip commercial & industrial customers — including Amazon, Sify, Coca-Cola, Ultratech Cement and Laurus Labs — acquired through the Vibrant Energy platform.

EPC and O&M services

Inox Neo Energies, a renewable power generation platform, targets at least 3 GW of hybrid renewable energy installed capacity over the next 2-3 years.

Physical manufacturing capacity is a core resource: a 3 GW-planned module plant in Bavla, Gujarat (1.2 GW of N-type TOPCon capacity commissioned), plus a 4.8 GW integrated solar cell & module facility under development in Dhenkanal, Odisha.

A 1,500 MW turbine-supply MoU with group affiliate Inox Wind gives Inox Clean Energy access to in-house wind turbine manufacturing, execution and O&M capabilities instead of relying solely on third-party OEMs.

Inox Clean Energy operates as part of the INOXGFL Group, drawing on the group's balance sheet, brand and cross-portfolio relationships (chemicals, wind, solar) as it scales toward its FY28 capacity targets.

Beyond organic build-out, Inox Clean Energy has acquired large operating and pipeline renewable-asset portfolios as a resource — such as Vena Energy India's ~6 GW portfolio (1.2 GW operational, 1.8 GW advanced-stage, 3 GW early-stage) — to reach scale faster than greenfield development alone.

A 1,500 MW MoU with Inox Wind supplies 3.3 MW and 4X-MW wind turbine generators for Inox Clean Energy's projects, while lifting Inox Wind's own order pipeline to more than 4.5 GW.

Inox Clean Energy formed an equal joint venture with RJ Corp — its first major international IPP push — acquiring SkyPower Services MENA and targeting 570 MW of initial capacity across Zambia, Zimbabwe and the DRC, en route to 2.5 GW in Africa by FY29.

Inox Solar and KPI Green Energy signed an MoU to jointly develop 2.5 GW of solar and hybrid projects across India — KPI leads land, EPC and O&M execution while Inox Solar supplies the PV modules.

Rising Sun Holdings (Adar Poonawalla Family Office) invested ₹700 crore in Inox Clean Energy at a ₹70,000 crore valuation, strengthening the balance sheet for expansion, manufacturing build-out and acquisitions.

A ₹3,100 crore equity round (₹50,000 crore pre-money valuation) from investors including CalPERS, SUN Group Global, Authum Investments and Akash Bhansali funds capacity expansion across the IPP and solar-manufacturing verticals.

The core revenue stream is selling electricity generated by its independent power producer (IPP) portfolio. Inox Clean is targeting 10 GW of operational generation capacity and, together with its manufacturing businesses, a consolidated annual revenue of about ₹300 billion (~$3.34 billion) by FY28.

A second revenue stream is manufacturing and selling solar modules and cells. Inox Solar's Bavla, Gujarat plant has commissioned 1.2 GW of N-type TOPCon module capacity out of a 3 GW plan, with a further 1.8 GW expansion planned at the same site.

Inox Solar also earns service revenue by bundling engineering, procurement & construction (EPC) and operations & maintenance (O&M) services together with its manufacturing offering, rather than selling modules alone.