New Delhi, Aug. 13 -- Inox Clean Energy Ltd said Thursday it has secured an investment commitment of Rs 1,500 crore ($157.3 million) from a private credit fund managed by the alternative investment arm of Motilal Oswal Group to fund its expansion.
The renewable energy arm of INOXGFL Group said it is raising the money from Motilal Oswal Alternates' maiden private credit fund by issuing compulsorily convertible debentures-a hybrid instrument blending private credit features with equity upside. An initial tranche of Rs 1,000 crore has already been completed, the company said in a press release.
The funds will primarily support Inox Clean Energy's inorganic growth strategy as it expands its operational capacity across domestic and international markets, said the company, which has made 10 acquisitions over the past year.
The transaction follows a Rs 700 crore investment last month from the Adar Poonawalla Family Office. Other marquee investors backing the company include American pension fund CalPERS, Indian companies RJ Corp, Hero Group, and Authum Investments, and well-known investor Akash Bhansali.
MO Alternates announced the second close of its maiden private credit vehicle, the India Credit Excellence Fund - I, raising Rs 2,438 crore in June 2026. It is aiming for an overall target corpus of Rs 3,000 crore.
"India's energy transition presents one of the most compelling long-term investment opportunities globally, and we believe Inox Clean is well positioned to capitalise on this transformational growth," said Rakshat Kapoor, head of private credit at MO Alternates.
Devansh Jain, executive director at INOXGFL Group, said in the statement that the investment was "a strong endorsement" of the company's integrated business model, execution capabilities, and long-term vision.
Inox Clean Energy operates through two primary divisions: independent power producer (IPP) arm Inox Neo Energies Ltd and solar manufacturing unit Inox Solar Ltd.
Over the past 18 months, Inox Clean has rapidly scaled through organic expansion and strategic acquisitions, acquiring several key assets to strengthen its operating portfolio and development pipeline. These recent deals include the manufacturing assets of US-based Boviet Solar, as well as renewable energy platforms backed by leading global investors-specifically BlackRock-owned Global Infrastructure Partners's Vena Energy, Macquarie-owned Vibrant Energy, SHV-owned SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
The company's domestic IPP portfolio reached 3 gigawatts as of June 2026, with target capacity set to exceed 6 GW by the end of fiscal year 2027 and 10 GW by fiscal year 2028. Additionally, the company's Africa IPP business has commenced project construction in Zimbabwe.
On the manufacturing front, Inox Clean operates a 3 GW solar module plant in Gujarat with an additional 5 GW cell and module facility under development. In the US, the company has established a 3 GW module facility and expects a further 3 GW cell manufacturing facility to be operational soon.
Published by HT Digital Content Services with permission from VC Circle.