# Inox Clean Energy
Inox Clean Energy Limited (ICEL) is a privately held integrated renewable energy company of the INOXGFL Group, based in Noida, India, which combines solar module and cell manufacturing with a renewable power generation business. It is a project developer and manufacturer, not a venture capital firm; some aggregator reports have mislabelled it as a VC and described its January 2026 equity raise as a "Series D", but the company's own disclosures and press coverage describe a corporate renewable platform.[1](https://inoxclean.com/about-inox-clean-energy) • [2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms)
| Fact | Detail |
|---|---|
| Group | INOXGFL Group, promoted by Vivek Jain; executive director Devansh Jain[3](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/) |
| Headquarters | Noida, India[2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms) |
| Business | Solar module/cell manufacturing (via Inox Solar) plus renewable power generation sold to captive users, exchanges, and C&I customers[1](https://inoxclean.com/about-inox-clean-energy) |
| Equity raised | ₹55 billion (₹5,500 crore) raised to date, plus a ₹31 billion (₹3,100 crore) round in January 2026[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms) • [5](https://www.business-standard.com/companies/news/inox-clean-energy-fund-equity-raise-valuation-renewable-solar-manufacturing-126010700419_1.html) |
| Notable investors | CalPERS, SUN Group Global, Authum Investments[2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms) |
| Acquisitions | Nine to ten deals in about a year, worth roughly ₹250 billion (₹25,000 crore) in enterprise value[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms) • [3](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/) |
| Status (September 2026) | Private and active; a revived IPO of up to ₹100 billion (₹10,000 crore) is in preparation[3](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/) |
## Group context and structure
The INOXGFL Group houses three listed entities, Inox Wind, Inox Green Energy Services, and Gujarat Fluorochemicals, while Inox Clean Energy is privately held.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms) Within the group, Inox Solar carries the manufacturing business and a separate generation business operates the independent power producer (IPP) portfolio. Execution is tied to the group's wind arm: Devansh Jain has said Inox Clean targets annual capacity additions of more than 3 GW, with a significant portion of execution expected to be undertaken by Inox Wind.[6](https://solarquarter.com/2026/09/03/inox-clean-energy-to-acquire-vena-energy-india-platform-with-1-gw-operational-capacity-and-5-4-gw-solar-wind-pipeline/)
## Manufacturing and power generation
As of September 2026 the company has about 6 GW of solar module manufacturing capacity, split between 3 GW in India and 3 GW in the United States. Two cell plants, a 4.8 GW facility in Dhenkanal, Odisha, and a 3 GW facility in the US, are expected to be commissioned by December 2026.[6](https://solarquarter.com/2026/09/03/inox-clean-energy-to-acquire-vena-energy-india-platform-with-1-gw-operational-capacity-and-5-4-gw-solar-wind-pipeline/)
On the generation side, the IPP portfolio stands at about 4 GW with a roughly 12 GW pipeline. Power generated is distributed to captive users, third parties, energy exchanges, and commercial and industrial (C&I) customers.[6](https://solarquarter.com/2026/09/03/inox-clean-energy-to-acquire-vena-energy-india-platform-with-1-gw-operational-capacity-and-5-4-gw-solar-wind-pipeline/) • [1](https://inoxclean.com/about-inox-clean-energy) The company targets 11 GW of integrated solar manufacturing capacity and 10 GW of operating renewable generation by 2027-28; according to Devansh Jain, EBITDA is set to surpass ₹50 billion (₹5,000 crore) after the Boviet acquisition and reach ₹120 billion (₹12,000 crore) by 2027-28.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms)
## Acquisitions
Acquisition-led growth has defined the company's recent history. Devansh Jain said Inox Clean made nine acquisitions worth ₹250 billion (₹25,000 crore) in enterprise value in nine months, including the US assets of Boviet Solar for $750 million, Vibrant Energy from [Macquarie](https://www.edgepedia.org/macquarie), two Wind World assets, SunSource Energy assets, and three SkyPower assets including its Africa entity; a later count puts the total at ten strategic acquisitions over the past year.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms) • [3](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/)
Vibrant Energy was acquired at an equity value of $200 million. It operates a renewable portfolio of about 800 MW with an active 3 GW pipeline across 13 special purpose vehicles holding long-term power purchase agreements with Amazon, SIFY, and Ultratech.[2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms) In September 2026 the company announced the acquisition of the Vena Energy India platform, which comprises approximately 1 GW of operational capacity, 1.7 GW of advanced-stage solar and wind assets, 1.2 GWh of battery energy storage system (BESS) capacity and a further 1.3 GWh of BESS projects in development.[6](https://solarquarter.com/2026/09/03/inox-clean-energy-to-acquire-vena-energy-india-platform-with-1-gw-operational-capacity-and-5-4-gw-solar-wind-pipeline/)
## Funding and capital raised
Inox Clean Energy raises corporate equity and debt rather than investment funds from limited partners; no LP fund structure exists in the record. The INOXGFL Group has raised ₹55 billion (₹5,500 crore) of equity in Inox Clean and holds over 96% ownership, according to Devansh Jain, though a later report puts promoter holdings at around 95%; the two figures have not been reconciled in available sources.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms) • [3](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/)
In January 2026 the company, together with subsidiary Inox Solar, secured about ₹31 billion (₹3,100 crore) of equity at a pre-money valuation of around ₹500 billion (₹50,000 crore), from CalPERS (the California Public Employees' Retirement System), SUN Group Global, and Authum Investments.[5](https://www.business-standard.com/companies/news/inox-clean-energy-fund-equity-raise-valuation-renewable-solar-manufacturing-126010700419_1.html) • [2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms) Renewables Now reported the round as USD 345 million on 8 January 2026, which matches the ~$344 million figure circulating in aggregator reports; it is a corporate equity raise, not a Series D venture round or a fund close.[7](https://renewablesnow.com/news/indias-inox-clean-pockets-usd-345m-from-equity-funding-round-1287646/)
On the debt side, the company is raising ₹34 billion (₹3,400 crore) from NaBFID (the National Bank for Financing Infrastructure and Development) through a 20-year loan priced at 8-8.50%, to refinance debt from the Vibrant Energy acquisition; seven of Vibrant's SPVs are being refinanced under a restricted group structure.[2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms)
## IPO plans and status
ICEL filed a draft IPO in July 2025 and then withdrew it, saying there had been significant changes in its financial position and business scope.[2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms) As of 2026 the company is preparing to file new draft documents with the [Securities and Exchange Board of India](https://www.edgepedia.org/securities-and-exchange-board-of-india) for a proposed ₹10,000-crore IPO.[3](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/) The company remains privately held and active as of September 2026.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms)
## Recent developments
The 2024-2026 period transformed Inox Clean from a group renewable platform into one of India's larger renewable platforms by acquisition count: roughly ₹250 billion (₹25,000 crore) of enterprise value across nine to ten deals, the January 2026 ₹31 billion (₹3,100 crore) equity round, the ₹34 billion (₹3,400 crore) NaBFID refinancing, and a manufacturing build-out spanning India and the United States with cell plants due by December 2026.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms) • [2](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms) • [6](https://solarquarter.com/2026/09/03/inox-clean-energy-to-acquire-vena-energy-india-platform-with-1-gw-operational-capacity-and-5-4-gw-solar-wind-pipeline/) Its footprint now spans India, the United States and, through the SkyPower acquisition, Africa.[4](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms)
## References
1. [About Inox Clean Energy (company site)](https://inoxclean.com/about-inox-clean-energy)
2. [Inox Clean Energy raises ₹3,400 crore from NaBFID to refinance Vibrant Energy debt - The Economic Times](https://economictimes.indiatimes.com/markets/stocks/news/inox-clean-energy-raises-3400-crore-from-nabfid-to-refinance-vibrant-energy-debt/articleshow/127745567.cms)
3. [Inox Clean Energy Plans Rs 10,000-Crore IPO - The Battery Magazine](https://www.thebatterymagazine.com/inox-clean-energy-plans-rs-10000-crore-ipo-at-rs-1-lakh-crore-valuation/)
4. [Inox Clean Energy powers into top three with Rs 25k-cr buys, says company official - The Economic Times](https://economictimes.indiatimes.com/industry/renewables/inox-clean-energy-powers-into-top-three-with-rs-25k-cr-buys-says-company-official/articleshow/131184869.cms)
5. [Inox Clean raises ₹3,100 crore for IPP expansion, solar manufacturing - Business Standard](https://www.business-standard.com/companies/news/inox-clean-energy-fund-equity-raise-valuation-renewable-solar-manufacturing-126010700419_1.html)
6. [Inox Clean Energy to Acquire Vena Energy India Platform - SolarQuarter](https://solarquarter.com/2026/09/03/inox-clean-energy-to-acquire-vena-energy-india-platform-with-1-gw-operational-capacity-and-5-4-gw-solar-wind-pipeline/)
7. [India's Inox Clean pockets USD 345m from equity funding round - Renewables Now](https://renewablesnow.com/news/indias-inox-clean-pockets-usd-345m-from-equity-funding-round-1287646/)
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*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
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