Inox Clean Energy

What Inox Clean Energy does

Inox Clean Energy Limited is the integrated renewable energy platform of the INOXGFL Group, formally launched in November 2024 as a private, Noida-headquartered company combining two core operating subsidiaries: Inox Neo Energies (renewable power generation/IPP) and Inox Solar (solar cell and module manufacturing). The platform pursues an "One Integrated" strategy that vertically links manufacturing (TopCon N-type solar modules and cells using advanced N-type TOPCon technology) with hybrid renewable power generation (solar, wind, and battery energy storage systems), EPC project development via Inox Renewable Solutions, and post-commissioning O&M services via Inox Green Energy Services.

The company generates revenue through five streams: long-term PPAs (20-24 year average tenure) with C&I corporate customers, government offtakers (SECI, GUVNL, state DISCOMs), and captive INOXGFL group companies; merchant sales on Indian power exchanges; sale of solar modules and cells to B2B OEM customers; EPC project execution; and recurring O&M services. Distribution is direct enterprise sales for utility-scale PPAs, supplemented by an Africa expansion channel via a 50-50 JV with RJ Corp (SkyPower Services MENA platform).

By mid-2026, Inox Clean Energy had executed approximately 10 acquisitions within 10 months — adding ~₹25,000 crore of assets — to reach ~4 GW operational/near-operational IPP capacity, 6 GW of solar module manufacturing capacity (3 GW India, 3 GW US), and a 12 GW+ development pipeline. Capacity targets articulated for FY28 are 10 GW IPP + 11 GW manufacturing, with management projecting ₹30,000 crore annual revenue and ₹12,000 crore EBITDA at scale. Geographic footprint spans India (13+ states), the United States (North Carolina), and Africa (Zambia, Zimbabwe, DRC), with the INOXGFL promoter group retaining over 96% ownership following a ₹3,100 crore equity raise at a ₹50,000 crore pre-money valuation in January 2026. The company is preparing for an up to $1 billion India IPO targeted for FY27.

Name

Inox Clean Energy

Legal name

Inox Clean Energy Limited

Website

https://inoxclean.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

Inox Clean Energy is an integrated renewable energy platform combining solar cell and module manufacturing (Inox Solar) with hybrid renewable power generation (Inox Neo Energies), serving C&I enterprises, government offtakers, and African sovereign utilities under the INOXGFL Group.

Ownership category

akta.pro rank

Product category

Renewable Energy IPP and Solar Manufacturing

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

akta.pro primary industry

Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG)

akta.pro secondary industries

Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF), Hybrid Renewable + Storage Plant Integration (Solar+Storage, Wind+Storage) (EUAEAEAE)

Keywords

• Renewable power generation
• Solar module manufacturing
• Hybrid energy projects
• Independent power producer
• Solar cell manufacturing

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure

Revenue model

1. Renewable Power Generation (PPA-based): Long-term Power Purchase Agreements (PPAs) with corporate C&I customers, government offtakers (SECI, GUVNL, state distribution companies), and captive consumption within INOXGFL group companies. Average PPA tenure ~20-24 years with weighted average of 24 years on acquired SunSource portfolio.
2. Power Exchange Sales: Sale of renewable power on Indian power exchanges (short-term/merchant) supplementing long-term PPA revenues; provides flexibility to monetize surplus generation.
3. Solar Module & Cell Manufacturing (B2B): Sale of solar modules and cells to third-party customers and group companies (Inox Wind, Inox Neo Energies); scaling from 6 GW to 11 GW module manufacturing capacity and adding 2.4 GW of solar cell capacity.
4. EPC & Project Development Services: Engineering, Procurement and Construction (EPC) services for solar projects, executed via group company Inox Renewable Solutions; large revenue opportunities through backward integration.
5. Operations & Maintenance (O&M) Services: Post-commissioning O&M services for solar and wind projects, served via group company Inox Green Energy Services; recurring revenue stream with multi-year contracts.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels4 records

Core offering

Inox Clean Energy is an integrated renewable energy platform that combines the manufacturing of solar cells and modules (via subsidiary Inox Solar) with the generation and sale of hybrid renewable power (via subsidiary Inox Neo Energies). It supplies utility-scale and corporate offtakers under long-term Power Purchase Agreements, while also offering EPC project execution and post-commissioning operations and maintenance services. Revenue spans hardware sales (solar modules/cells), recurring power sales under PPAs, and service fees for EPC and O&M.

Product overview

Inox Clean Energy is an integrated renewable energy platform — not a single product but a platform-plus-verticals architecture built around two main subsidiaries. Inox Neo Energies serves as the renewable power generation (IPP) arm, operating a ~3 GW portfolio and targeting 15 GW of installed hybrid RE capacity (solar + wind + BESS) over 2-3 years, selling power to other INOXGFL Group companies, third-party C&I customers, and power exchanges. Inox Solar is the integrated solar cell and module manufacturing arm, operating 6 GW of module capacity (3 GW in India and 3 GW in the US via the acquired Boviet Solar / Inox Solar Americas platform), and providing end-to-end EPC and O&M services. Together these two verticals form a vertically-integrated renewable energy value chain — manufacturing solar modules and cells via Inox Solar, and deploying them into captive and third-party hybrid renewable power generation via Inox Neo Energies — all unified under the "One Integrated" strategy of the parent INOXGFL Group.

Differentiator

Problem solved

Functional benefit

Brands

• Inox Neo Energies: Renewable energy independent power producer (IPP) platform; ~3 GW operational, targeting at least 15 GW of installed hybrid RE (solar + wind + BESS) capacity within 2-3 years.
• Inox Solar

Products and services

• Inox Neo Energies (Renewable Power Generation IPP Platform) Inox Neo Energies Limited is the renewable energy IPP platform of INOXGFL Group and a subsidiary of Inox Clean Energy. It operates ~3 GW of renewable power generation across solar, wind, and battery energy storage systems, selling power under long-term PPAs to corporate C&I customers, government offtakers (SECI, GUVNL, state DISCOMs), intra-group companies, and on Indian power exchanges.
• Inox Solar (Solar Cell & Module Manufacturing) Inox Solar is a 100% subsidiary of Inox Clean Energy that manufactures solar cells and modules using advanced TopCon N-type technology, and offers end-to-end turnkey solutions from manufacturing to EPC project development and post-commissioning O&M. Currently operates 6 GW of module capacity (3 GW in India via Bavla, Gujarat; 3 GW in the US via Boviet Solar / Inox Solar Americas LLC in Greenville, North Carolina), scaling toward 11 GW of module and 8 GW of cell manufacturing capacity.

Quantifiable outcome

• EBITDA projected to scale to approximately ₹5,000 crore by FY2027 and ₹12,000 crore by FY2028
• +4 more outcomes

Named customers14 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered flagship / core, minor and core.

• Inox Wind Limitedflagship / coreStrategic or Co-development Partner · 16 June 2026MoU signed June 16, 2026 for Inox Wind to supply 1,500 MW of advanced 3.3 MW and 4X MW wind turbines to Inox Clean Energy for renewable projects across India. Deal valued at approximately ₹8,000 crore, boosting Inox Wind's order book from 3.1 GW to over 4.5 GW. Part of INOXGFL Group's 'One Integrated' renewable strategy supporting Inox Clean's 14 GW portfolio target by FY29.
• Vena Group (Vena Energy India seller)flagship / coreStrategic or Co-development Partner · 5 June 2026Definitive agreement to acquire 100% equity in Vena Energy India Holdings from Vena Group (backed by Global Infrastructure Partners / BlackRock) for ~₹6,000 crore. 6 GW portfolio: 1.2 GW operational + 1.8 GW advanced + 3 GW development, plus 2.5 GWh BESS. 10th acquisition in 10 months. Brings total operational & near-operational portfolio to ~4 GW.
• Enel Group (India RE bid)minorStrategic or Co-development Partner · 21 May 2026Submitted binding bid of ~₹3,000 crore alongside RP-Sanjiv Goenka Group's Purvah Green and Hexa Climate to acquire Enel Group's Indian renewable energy business (2.5 GW potential capacity including 640 MW operational solar and wind assets). Bidding process complicated by ongoing ICC arbitration between Enel and Waaree Energies.
• Boviet Solar Technologyflagship / coreStrategic or Co-development Partner · 19 May 2026Completed acquisition of US-based Boviet Solar Technology (North Carolina) for ~$750 million via Inox Solar Americas LLC. Gained 3 GW operational solar module capacity (TopCon) + binding agreement for 3 GW cell capacity by Dec 2026. Unlocks Section 45X tax incentives and positions as one of largest US solar asset purchases by an Indian group.
• Marsons LimitedminorChannel Partner/ Reseller/ Distributor · 18 April 2026Marsons secured ₹15.38 crore purchase orders from Inox Solar for design and supply of 3.15 MVA, 3.5 MVA and 35 MVA power transformers for solar projects. Execution scheduled within 3-6 months.
• Wind World India (NCLT acquisition)coreStrategic or Co-development Partner · 19 February 2026Successful bidder via NCLT insolvency resolution process to acquire Wind World India's IPP (600 MW across 7 Indian states, ~₹2,800 crore deal) via Inox Neo Energies, and O&M arm (4.5 GW) via Inox Green Energy Services. O&M clients include Tata Group, ReNew, Greenko Group, Apraava Energy, Hindustan Zinc.
• SkyPower Group (SkyPower Services MENA)coreStrategic or Co-development Partner · 13 February 2026Acquired 100% of SkyPower Services MENA Ltd. (solar developer with projects across Africa) as part of 50-50 JV with RJ Corp. Implementing 2.5 GW of solar projects in DRC, Zambia, Zimbabwe with first phase 570 MW. Backed by sovereign PPAs.
• RJ Corp Limitedflagship / coreStrategic or Co-development Partner · 12 February 2026Formed 50-50 joint venture with RJ Corp to enter African renewable energy IPP market. JV acquired Skypower Services MENA Ltd, targeting 570 MW first phase and 2.5 GW by FY29 across Zambia, Zimbabwe, and DRC with sovereign-backed PPAs (20%+ IRR). Plans to deploy 10+ GW of solar-powered infrastructure across Africa.
• SunSource Energy / SHV EnergycoreStrategic or Co-development Partner · 5 January 2026Acquired ~300 MWp (250 MWp + 50 MWp in process) of operational solar portfolio from SunSource Energy (owned by Dutch multinational SHV Energy) for ~₹1,000 crore ($111 million). Projects spread across 13 Indian states with long-term PPAs (~24 year average) to Britannia, Jubilant Foodworks, Hitachi Energy, Max Healthcare.
• Macquarie Corporate Holdings (Vibrant Energy seller)flagship / coreStrategic or Co-development Partner · 21 December 2025Acquired Vibrant Energy platform from Macquarie Corporate Holdings for ~$600 million EV ($200 million equity value) / ₹5,000 crore. Adds 1,337 MW renewable capacity (800 MW operational) across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh with 20-year PPAs to global MNCs. Completed April 2026.
• KPI Green EnergycoreStrategic or Co-development Partner · 11 November 2025Joint development agreement to develop 2.5 GW of solar energy projects across India between Inox Solar and KPI Green Energy, leveraging combined capabilities in solar project development.
• LONGicoreTechnology or Integration · 1 October 2025Inox Solar (subsidiary of Inox Clean Energy) signed agreement with LONGi to supply 5 GW of solar modules. Strategic supply partnership supporting Inox Solar's growth as integrated solar cell & module manufacturer.

Scale indicators22 records

Recent moves8 records

Expansion highlights7 records

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Customer concentration

• Xx.com/InoxCleanEnergy
• LinkedInlinkedin.com/company/inox-clean-energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries5 records

Funding overview

Funding rounds6 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Inox Clean Energy