INOXGFL Group announced that its privately held renewable power generation platform, IGREL Renewables, has raised ₹300 crore equity capital, eventually resulting in a single-digit dilution.
The capital raise witnessed participation by marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective entities.
IGREL Renewables, backed by the INOXGFL Group which has an unparalleled experience of building large businesses, aims to become one of India’s premier renewable power generation platforms. The company targets to reach an installed capacity of 2 GW by FY27 (combination of wind and solar) at a cumulative capex of ~₹12,000 crores.
IGREL has already placed firm orders for 200 MW and has signed an additional 550 MW LoI with Inox Wind today for wind capacities to be executed on a turnkey basis. Further, for its solar capacity development, IGREL has given multiple LoIs to leading solar EPC companies with plans to place additional orders in the near future. The company has already tied up PPAs/received LoIs from Group companies and other large C&I customers for >600 MW capacity. The company is in advance discussion with several C&I customers for additional PPAs and has earmarked certain capacities to be sold on the power exchanges.
The IPP platform aims to add substantial value to all the Group companies. While the Group companies will secure their long-term power requirement from renewable sources, helping offset their carbon emissions, its renewable companies including Inox Wind, Resco Global and Inox Green gain on account of large-scale business opportunities.
Inox Wind’s turnkey project execution capabilities on a plug-and-play basis is a significant advantage for IGREL, as it has multiple ready sites, developed evacuation infrastructure, and approvals in place/under-process for project installation, which helps expedite project commissioning. Further, its existing power evacuation infrastructure (currently being utilized for wind projects) is available for hybridization, accelerating the commissioning of IGREL’s solar projects. Additionally, Inox Green will provide multi-year O&M services for the entire capacity of IGREL, leading to a significant growth of its portfolio.
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 presence across the entire value chain of renewables, from project development, manufacturing, EPC, O&M, 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. I thank all our investors for their belief in IGREL, which will not only add value to all our Group companies but also create significant value for all the stakeholders.”
