Two-thirds of the money is already in. Inox says it will spend most of it buying other companies — continuing a strategy that has quietly turned a young platform into a 3 GW power producer with factories on two continents.
Inox Clean Energy Limited, the renewables arm of the INOXGFL Group, has secured a ₹1,500 crore commitment from Motilal Oswal Group — one of the larger private credit cheques written into Indian clean energy this year.
| Committed | ₹1,500 crore |
|---|---|
| Already paid in | ₹1,000 crore |
| Instrument | Compulsorily Convertible Debentures — debt that converts to equity later |
| Main use | Acquisitions |
Who's writing the cheque: Motilal Oswal Alternates, the group's private capital arm, through its private credit business.
Why CCDs and not equity: the investor gets debt-like protection now and an equity stake later, without pricing the company today.
Where the money goes: Inox has been explicit that this is inorganic growth capital — buying assets, not building them from scratch.
Not the first cheque: the Adar Poonawalla Family Office put in ₹700 crore earlier. CalPERS, RJ Corp, Hero Group, Authum Investments and Akash Bhansali are also on the register across Inox Clean and its subsidiaries.
The company runs two businesses at once: it generates and sells power as an independent producer, and it manufactures solar modules. Both are scheduled to roughly double or triple inside two years.
Power generation (IPP)
| Point in time | Capacity |
|---|---|
| June 2026 (actual) | 3 GW |
| End of FY27 (target) | more than 6 GW |
| FY28 (target) | 10 GW |
Solar manufacturing
| Point in time | Capacity |
|---|---|
| Today (operational) | 6 GW — 3 GW Gujarat + 3 GW United States |
| FY28 (target) | 11 GW integrated |
Where the capacity sits:
India, power: 3 GW running as of June 2026.
India, factories: a 3 GW module plant in Gujarat is operational; a 5 GW module-and-cell facility is under development.
United States: 3 GW of module capacity is live, with a 3 GW cell plant expected to follow shortly.
Africa: construction has begun in Zimbabwe — the company's first project on the continent, inherited through its SkyPower purchase.
Note on the numbers: the announced plant expansions add up to more than the 11 GW target. The company counts integrated module-and-cell capacity, not each production line separately.
The American sweetener. Inox expects its US plants to earn 45X advanced manufacturing tax credits under the Inflation Reduction Act, while recent Section 232 trade measures raise the cost of imported competition. A meaningful slice of the US margin is therefore policy-made rather than earned — and policy can move.
Most of Inox Clean's growth over the past eighteen months came off other people's balance sheets. It has taken over platforms previously owned by some of the largest infrastructure investors in the world.
| Asset | Acquired from | What it added |
|---|---|---|
| Boviet Solar | US manufacturing assets | The American factory footprint, and the reason it can claim IRA credits at all |
| Vena Energy | GIP, now BlackRock-owned | A renewables platform from one of the biggest infrastructure owners anywhere |
| Vibrant Energy | Macquarie | Operating portfolio and development pipeline in India |
| SunSource Energy | SHV, the Dutch family group | Additional Indian solar assets |
| SkyPower | CalPERS-backed | The African business — and with it, Zimbabwe and sovereign-backed power contracts |
Inox Clean has emerged as one of the fastest-growing integrated renewable energy platforms in India and globally.
— Devansh Jain, Executive Director, INOXGFL Group
Inox's pitch is integration. Under a slogan it calls the "One Integrated Strategy," the group argues that owning generation, module manufacturing, turbines, construction and maintenance together produces faster execution and fewer supply-chain surprises than assembling them from vendors.
Inox Neo Energies — the independent power producer
Inox Solar — module and cell manufacturing
Inox Wind — turbines
Inox Renewable Solutions — engineering and construction
Inox Green Energy Services — operations and maintenance
For Motilal Oswal, this is a large deployment from a young vehicle. Rakshat Kapoor, who runs private credit at MO Alternates, called India's energy transition one of the most compelling long-term opportunities globally.
The fund behind the cheque. India Credit Excellence Fund – I launched in January 2026 and announced a second close in June at ₹2,438 crore, against a ₹3,000 crore target including green shoe. A final close is expected soon. At ₹1,500 crore committed, Inox Clean is a substantial position for a fund of that size.
The targets are steep. Tripling operating capacity to 10 GW by FY28 leaves little room for delay in land, grid connection or approvals.
Integration has to actually pay. Buying five platforms in eighteen months is easier than merging their teams, contracts and systems.
US economics lean on Washington. 45X credits and Section 232 measures are policy instruments, not permanent features.
Zimbabwe is unproven. Attractive returns and sovereign power contracts read well on paper; the first project has only just broken ground.
Inox Clean Energy — the renewables platform. Targets 10 GW of generation and 11 GW of solar manufacturing by FY28.
INOXGFL Group — 90-year-old conglomerate, present in 75+ countries. Listed arms: Gujarat Fluorochemicals, Inox Wind, Inox Green Energy Services.
Motilal Oswal Group — diversified financial services: broking, asset and wealth management, investment banking, private capital, home finance.
MO Alternates — the private capital arm, running private credit, private equity and real estate funds.
Source: Joint media release issued by Inox Clean Energy Limited and Motilal Oswal Financial Services Limited, 13 August 2026. Figures are company-stated. Targets are forward-looking and not guarantees.