INOXGFL's renewable power generation platform raises Rs 300 crore equity capital

INOXGFL Group's privately held renewable power generation platform IGREL Renewables Ltd has raised Rs 300 crore equity capital, resulting in a single-digit dilution.

The company raised equity capital from investors like Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective identities.

IGREL Renewables targets to reach an installed capacity of 2GW by FY27 (both wind and solar) at a capex of Rs 12,000 crore.

The renewable power platform of the INOXGFL has already placed firm orders for 200 MW and has signed an additional 550 MW LoI with Inox Wind for wind capacities to be executed on a turnkey basis.

For solar capacity development, IGREL has given multiple Letter of Intents (LoIs) to solar EPC (Engineering, Procurement, and Construction) companies with plans to place additional orders in the near future.

IGREL has tied up with PPAs/received LoIs from Group companies and other large C&I customers for more than 600 MW capacity. The company is in advance discussion with several C&I customers for additional PPAs.

Devansh Jain, Executive Director of INOXGFL Group said, "IGREL will be a value enhancer for the entire Group as all our listed companies benefit on account of the synergies with the platform. This venture establishes INOXGFL Group amongst the select few globally, having a presence across the entire value chain of renewables, from project development, manufacturing, EPC, O&M, and power supply, to power consumption. We are building this entity privately to ensure that none of our listed companies carry non-core debt. As promoters, we have always backed our businesses, nurturing them with our capital and expertise".