INOXGFL Group announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. Inox Solar targets an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026 with a capital expenditure of ₹15 billion (~$176.73 million).

The first solar module manufacturing facility, with an initial capacity of 1.2 GW, is set to be operational in Gujarat by March 2025. The facility will manufacture TopCon modules.

The company will also provide turnkey engineering, procurement, and construction (EPC) solutions, including land acquisition and power evacuation, through its group company, Inox Renewable Solutions. Additionally, it will offer post-commissioning operational and maintenance services through another group company, Inox Green Energy Services.

IGREL Renewables, a renewable power generation platform of the INOXGFL Group, 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. Investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, participated in the equity raise through their respective entities.

The board of directors at Inox Green Energy Services, wind power operations and maintenance service vertical of  INOXGFL Group, allotted 2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The allotted equity shares were on an equal footing with the company’s existing equity shares in all respects, including dividend payments and voting rights.

In September, Inox Wind signed an agreement with a consortium of banks led by ICICI Bank for a financing facility of ₹22 billion (~$263.54 million). As per ICICI Bank’s working capital assessment, the limit will likely be enhanced to ~₹24 billion (~$287.49 million).

Last November, Inox Wind raised around ₹8 billion (~ $96.93 million) by selling its equity shares, advancing toward a debt-free status.