IGREL Renewables Ltd, the privately held renewable power generation platform of the INOXGFL Group, announced that it has raised ₹300 crore in equity capital from marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective investment entities. This capital infusion will result in a single-digit equity dilution for the company.
With a target of reaching 2 GW of installed capacity by FY27, the fresh capital will drive IGREL’s growth in both wind and solar energy sectors. The estimated capital expenditure for this expansion is approximately ₹12,000 crore.
The INOXGFL-backed platform has already placed firm orders for 200 MW of capacity and has signed additional Letters of Intent (LoIs) for 550 MW of wind projects with Inox Wind, to be executed on a turnkey basis. For its solar projects, IGREL has issued multiple LoIs to leading solar EPC companies and plans to finalise additional orders soon.
IGREL has already secured Power Purchase Agreements (PPAs) or LoIs for over 600 MW of capacity from Group companies and large Commercial & Industrial (C&I) customers. The company is also in advanced discussions with additional C&I customers for more PPAs, with plans to sell a portion of its capacity on power exchanges.
The INOXGFL Group, one of India’s leading business conglomerates, is leveraging IGREL to strengthen its renewable energy portfolio and support its Group companies in securing long-term renewable power supplies, helping to reduce their carbon footprints. IGREL’s growth will also provide significant business opportunities for the Group’s other renewable energy companies, including Inox Wind, Resco Global, and Inox Green.
“Inox Wind’s turnkey project execution capabilities, along with its ready-to-use sites and developed power evacuation infrastructure, will be a key asset for IGREL as it rapidly expands its capacity,” said Devansh Jain, Executive Director of INOXGFL Group. He emphasised that this venture positions the INOXGFL Group as one of the few global players with a presence across the entire renewable energy value chain, from project development to power consumption.
Inox Green, another Group company, will provide multi-year operation and maintenance (O&M) services for IGREL’s entire portfolio, contributing to the platform’s long-term growth.
Jain further commented, “This equity infusion will not only benefit all our Group companies but also create significant value for stakeholders. We are building IGREL privately to ensure that none of our listed companies bear non-core debt. As promoters, we continue to back our businesses with both capital and expertise.”
With its strong backing from the INOXGFL Group and a robust pipeline of renewable projects, IGREL is on track to become one of India’s leading renewable power generation platforms in the coming years.
