The INOXGFL Group announced on Wednesday that its renewable energy arm, IGREL Renewables Ltd, has successfully raised Rs 300 crore to fund its expansion plans. The funding round attracted investments from prominent figures like Akash Bhansali, Rohit Kothari, and Madhusudan Kela, among others, through their respective entities.
This capital infusion will result in a minor equity dilution for IGREL Renewables, as stated by the company. The funds are earmarked to support IGREL’s ambitious target of achieving a 2 GW installed capacity—comprising both wind and solar energy—by the fiscal year 2027. This expansion is estimated to require a cumulative capital expenditure of around Rs 12,000 crore.
IGREL has already made substantial progress, with firm orders placed for 200 MW of capacity. Additionally, the company signed letters of intent (LoIs) for an extra 550 MW of wind capacity with Inox Wind, which will be executed on a turnkey basis.
For its solar projects, IGREL has issued multiple LoIs to leading solar EPC companies and plans to place further orders soon. On the sales front, IGREL has already secured power purchase agreements (PPAs) and received LoIs from various group companies and other large clients, covering more than 600 MW of capacity.
Devansh Jain, Executive Director of INOXGFL Group, expressed gratitude to the investors, stating, “I thank all our investors for their belief in IGREL, which will not only add value to all our group companies but also create significant value for all stakeholders.” This new investment marks a significant step forward in IGREL’s expansion of renewable energy infrastructure, positioning the company to play a major role in India’s green energy future.
