IGREL Renewables, a privately held independent power producer (IPP) platform of the INOXGFL Group, has successfully raised Rs 300 crore equity capital from marquee investors. This funding aims to accelerate the company’s growth in the renewable energy sector, targeting a 2 GW installed capacity by FY27, comprising both wind and solar energy projects. This significant capital injection will support the company’s expansion efforts and reinforce the INOXGFL Group's leadership in India's energy transition space.

The INOXGFL Group, one of India’s leading business conglomerates with over 90 years of experience, announced that the Rs 300 crore equity raise saw participation from prominent investors such as Mr. Akash Bhansali, Mr. Rohit Kothari, and Mr. Madhusudan Kela. With the funds raised, IGREL Renewables is poised to strengthen its position as a premier player in the commercial and industrial (C&I) renewable power generation sector.

As part of its ambitious expansion plan, IGREL targets an installed capacity of 2 GW by FY27. This will be achieved through a combination of wind and solar projects at a cumulative capex of Rs 12,000 crore. The company has already placed firm orders for 200 MW and has signed 550 MW LoIs with Inox Wind for wind capacities to be developed on a turnkey basis. To further its solar capacity, IGREL has signed multiple letters of intent (LoIs) with leading solar EPC companies, with plans to place additional orders soon.

The company has already tied up Power Purchase Agreements (PPAs) and received LoIs from Group companies and other large C&I customers for more than 600 MW of capacity. Additionally, it is in advanced discussions with multiple C&I customers for further PPA agreements and has earmarked specific capacities for sale in the power exchanges. This approach will add value not only to IGREL but also to all other Group companies under the INOXGFL umbrella.

With its IPP platform, the INOXGFL Group has positioned itself as a frontrunner in the green energy ecosystem. By securing long-term power supply from renewable sources, the Group’s companies will be able to offset their carbon emissions, supporting India's energy transition. This platform will also create large-scale business opportunities for the Group’s other renewable companies, including Inox Wind, Inox Green, and Resco Global.

The execution capabilities of Inox Wind, especially its turnkey project services, offer a significant advantage to IGREL. With ready project sites, developed power evacuation infrastructure, and the necessary approvals either in place or in process, project commissioning will be accelerated. Additionally, Inox Wind’s existing power evacuation setup for wind projects is available for hybridization, which will facilitate the fast-tracking of solar projects under IGREL’s portfolio. Inox Green, another key Group company, will provide multi-year operations and maintenance (O&M) services for the entire capacity, adding further value to the platform.

Speaking about this development, Mr. Devansh Jain, Executive Director of the INOXGFL Group, remarked, "The launch of IGREL Renewables is a significant milestone for the entire Group. It positions us among the select few global players that have a presence across the entire renewables value chain, from project development and manufacturing to power supply and power consumption." He added, "Our commitment to renewable energy not only strengthens our Group companies but also reinforces our role in India's green energy revolution."

The INOXGFL Group continues to build on its legacy, which spans over nine decades, with a focus on fluoropolymers, fluorochemicals, battery chemicals, and renewable energy. The Group is listed through four entities, including Gujarat Fluorochemicals Limited (GFL), Inox Wind Limited, Inox Green Energy Services Limited, and Inox Wind Energy Limited, with a combined market capitalization of approximately US$ 12 billion.

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