Adar Poonawalla Family Office invests Rs 700 crore in Inox Clean

Inox Clean Energy Limited on Thursday annouced that Adar Poonawalla Family Office namely, Rising Sun Holdings Pvt. Ltd has invested Rs 700 crore into the renewable energy platform at a valuation of Rs 70,000 crore.

The investment follows 10 strategic acquisitions by Inox Clean, substantially strengthening its integrated renewable energy platform across independent power production (IPP), solar manufacturing, and related clean energy businesses.

Earlier, California Public Employees’ Retirement System, the largest pension fund in the US invested around Rs 800 crore in the previous rounds, amongst other investors.


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The new capital is aimed at expanding company's balance sheet and provide additional financial flexibility to pursue its expansion plans, including new renewable energy projects, manufacturing capacity expansion, and strategic acquisition opportunities in India and overseas.

Some of the recent acquisitions by Inox Clean, the integrated renewable energy platform of the INOXGFL Group, include US-based Boviet Solar’s manufacturing assets for $750 million, BlackRock owned GIP’s Indian asset - Vena Energy, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.

The current list of marquee investors in Inox Clean and its subsidiaries includes CalPERS, RJ Corp, Authum Investments, Akash Bhansali, amongst other family offices and HNI investors participating either directly or through their investment vehicles.

On the latest investment, Devansh Jain, Executive Director, INOXGFL Group, said, "This investment is a strong endorsement of our vision, execution capabilities, and long-term growth strategy. Over the past year, we have built tremendous momentum by successfully executing our growth roadmap through a combination of organic expansion and strategic acquisitions."