IGREL Renewables, a renewable power generation platform of the INOXGFL Group, has raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion will support IGREL Renewables’ expansion of its renewable energy portfolio.

Through their respective entities, investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise.

IGREL Renewables has set a target of installing a renewable energy capacity of 2 GW by the financial year 2027. This capacity will comprise both wind and solar projects.

The company’s expansion plans entail a cumulative capital expenditure of approximately ₹120 billion (~$1.4 billion) over the next three years.

The company said it has made significant strides in its expansion efforts, including firm orders placed for 200 MW of capacity, signing a 550 MW letter of intent (LoI) with Inox Wind for wind capacities, and having multiple LoIs issued to leading solar EPC companies.

The company has secured power purchase agreements and LoIs from group companies and other large commercial and industrial customers for over 600 MW capacity.

The company said establishing IGREL Renewables as an independent power producer platform will help the group companies secure long-term power from renewable sources, helping offset their carbon emissions. It expects subsidiaries such as Inox Wind, Resco Global, and Inox Green to benefit from large-scale business opportunities. It said the platform will add value to the group’s listed companies without requiring large capital expenditures or debt.

The INOXGFL Group comprises four listed entities and has a market capitalization of $12 billion.

Last November, Inox Wind raised around ₹8 billion (~$96.93 million) by selling its equity shares, advancing toward a debt-free status. These funds were to settle IWEL’s external debt under INOXGFL Group’s strategy to reduce Inox Wind’s debt and fortify the company’s financial position. This transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee domestic and foreign institutional investors.

It also raised ₹5 billion (~$60 million) in August 2023 through an equity share sale from its main promoter and affiliated group entities, using the funds to settle advances from Gujarat Fluorochemicals and boost wind power capacity.