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					</table><p><a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a>, the renewable arm of the <a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>, along with its subsidiary, Inox Solar, has raised equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) pre-money.</p>
<p>The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System (CalPERS), a U.S. pension fund, SUN Group Global, Authum Investment, Akash Bhansali, other family investors and high net-worth individuals.</p>
<p>The company said it will use the proceeds to expand capacity across its renewable independent power production (IPP) and solar manufacturing verticals.</p>
<p>Inox Clean Energy had recently <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">acquired</a> the Indian renewable IPP portfolios of Vibrant Energy, a Macquarie-owned IPP platform.</p>
<p>It is also in advanced stages of acquisition of a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility based outside India.</p>
<p>Inox aims to install 10 GW of IPP capacity and 11 GW of integrated solar module manufacturing capacity by the financial year 2028, with expected consolidated annual revenues of ~₹300 billion (~$3.33 billion).</p>
<p>Commenting on the development, Devansh Jain, Executive Director at INOXGFL, said,  Inox Clean has large-scale, diversified growth opportunities over the next decade, backed by a business model that minimizes balance-sheet and execution risks, maximizes returns, and optimizes the utilization of excess cash to further growth.</p>
<p>Inox Clean operates across the renewable IPP business (under its subsidiary, Inox Neo) and the solar manufacturing business (under its subsidiary, Inox Solar).</p>
<p>Recently, <strong> </strong>Inox Neo Energies <a href="https://inoxclean.com/inox-neo" target="_blank" rel="noopener">acquired</a> around 300 MW of operational solar projects from SunSource Energy. The company is also in the process of acquiring an estimated 50 MW of solar projects pending approvals from SunSource Energy. The projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra.</p>
<p>In September 2025, Inox Neo Energies <a href="https://www.mercomindia.com/inox-neo-energies-to-acquire-640-mw-renewable-hybrid-portfolio-from-evergreen" target="_blank" rel="noopener">executed</a> definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.</p>


Inox Clean Secures ₹31 Billion Equity to Scale IPP and Solar Manufacturing


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-serengeti-energy-secures-financing-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Serengeti Energy, an independent renewable power producer, </strong><a href="https://mercomcapital.com/serengeti-energy-raises-26-million-financing-ilute-solar-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $26 million in project financing from a syndicate of lenders for the development</strong> of the 32 MWp Ilute solar project located in Western Zambia. The financing is led by the Dutch entrepreneurial development bank, alongside the Sustainable Energy Fund for Africa, managed by the African Development Bank, Triodos Investment Management, and EDFI Management Company, through the EU-funded Electrification Financing Initiative.</p>
<p><strong>Tauron Polska Energia, an energy utility company, secured a PLN 268.7 million (~$74 million) </strong><a href="https://mercomcapital.com/tauron-secures-74-million-in-loan-for-120-mw-solar-projects/" target="_blank" rel="noopener"><strong>loan</strong></a><strong> from Bank Gospodarstwa Krajowego (BGK) under the National Recovery and Resilience Plan</strong> (NPR). The financing will be used to construct two solar projects with a combined capacity of 120 MW, located in Mysłowice and Ogrodzieniec, Poland, along with the accompanying infrastructure.</p>
<p><strong>Independent power producer Juniper Green Energy has </strong><a href="https://www.mercomindia.com/juniper-green-raises-%E2%82%B920-billion-debt-funding-for-renewable-energy-projects" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹20.39 billion (~$245.7 million) in debt financing from a consortium of domestic and global financial institutions to fund</strong> the development of its upcoming renewable energy projects. The financing has been secured from the National Bank for Financing Infrastructure and Development, HSBC Bank, DBS Bank India, Barclays Bank, and Aseem Infrastructure Finance.</p>
<p><strong>Inox Neo Energies, the independent power producer arm of Inox Clean Energy, has </strong><a href="https://www.mercomindia.com/inox-neo-energies-acquires-sunsources-300-mw-solar-projects" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> around 300 MW of operational solar projects from SunSource Energy.</strong> Inox Neo is also in the process of acquiring an estimated 50 MW of solar projects pending approvals from SunSource Energy. The projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra. They are being operated under various special-purpose vehicles that sell power under long-term arrangements to multiple commercial and industrial companies.</p>
<p><strong>PowerBank Corporation, a North American clean energy company focused on developing, owning, and operating solar power, energy storage, and hybrid renewable energy assets</strong>, <a href="https://mercomcapital.com/powerbank-secures-8-million-loan/" target="_blank" rel="noopener">announced</a> that it and its subsidiaries have entered into an $8 million loan agreement with NY Green Bank. The loan agreement consists of a revolving credit facility with an initial principal amount of up to $8 million. The funding will be used to cover interconnection deposits for an initial portfolio of 50 MW of distributed solar power and battery energy storage projects in New York.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-octopus-renewables-solar-wind-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Serengeti Energy Secures $26 Million Financing for the Ilute Solar Project


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					</table><p><strong> </strong><a href="https://inoxclean.com/inox-neo" target="_blank" rel="noopener">Inox Neo Energies</a>, the independent power producer (IPP) arm of <a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a>, has acquired around 300 MW of operational solar projects from <a href="https://www.sunsource-energy.com/" target="_blank" rel="noopener">SunSource Energy</a>.</p>
<p>Inox Neo is also in the process of acquiring an estimated 50 MW of solar projects pending approvals from SunSource Energy.</p>
<p>Under the transaction, Inox Neo will acquire 17 special-purpose vehicles from SunSource Energy for ₹7.5 billion (~$83.18 million). NIIF Infrastructure Finance acted as the lender for this transaction.</p>
<p>The projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra. They are being operated under various special-purpose vehicles that sell power under long-term arrangements to multiple commercial and industrial companies.</p>
<p>The projects have locked in long-term power purchase agreements with a weighted average tenure of around 24 years.</p>
<p>SunSource is a wholly owned subsidiary of SHV Energy, a Netherlands-headquartered multinational company.</p>
<p>The acquisition is a step toward Inox Clean’s target of achieving 3 GW of renewable energy generation capacity by the end of the financial year (FY) 2026 and 10 GW of installed capacity by FY 2028.</p>
<p>In December 2025, Inox Clean Energy <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">announced</a> it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders. The transaction will comprise Vibrant Energy’s portfolio of 1.3 GW of renewable energy projects, out of which 800 MW is operational.</p>
<p>In September 2025, Inox Solar, a subsidiary of INOXGFL, the parent company of Inox Clean Energy, <a href="https://www.mercomindia.com/inox-solar-commissions-1-2-gw-solar-module-capacity-in-gujarat" target="_blank" rel="noopener">commissioned</a> 1.2 GW of its 3 GW solar module manufacturing plant in Bavla, Ahmedabad, Gujarat. The manufacturing plant was established in four months.</p>
<p>In September 2025, Inox Neo <a href="https://mercomindia.com/inox-neo-energies-to-acquire-640-mw-renewable-hybrid-portfolio-from-evergreen" target="_blank" rel="noopener">executed</a> definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects. The transaction encompasses five wind-solar hybrid projects across Maharashtra, contracted by SJVN under hybrid tenders 1 and 2 (120 MW) and NTPC under hybrid tenders 1 and 2 (520 MW).</p>
<p>In another major acquisition, in June 2025, Inox Neo Energies <a href="https://www.mercomindia.com/inox-acquires-skypower-solar-india-50-mw-solar" target="_blank" rel="noopener">completed</a> the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh. Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months.</p>


Inox Neo Energies Acquires SunSource’s 300 MW Solar Projects


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					</table><p>Independent power producer <a href="https://inoxclean.com/inox-neo" target="_blank" rel="noopener">Inox Neo Energies</a>, an INOXGFL Group company, has executed definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.</p>
<p>The transaction encompasses five wind-solar hybrid projects across Maharashtra, contracted by SJVN under Hybrid Tenders 1 and 2 (120 MW) and NTPC under Hybrid Tenders 1 and 2 (520 MW).</p>
<p>The projects will be connected through the Central Transmission Utility’s 400/220 kV substations in Maharashtra and are being implemented under various special purpose vehicles held by the Evergreen Group through its holding companies.</p>
<p>Bharat Saxena, CEO and Whole-time Director at Inox Clean Energy, said the acquisition will help the company deliver clean, reliable, and affordable renewable energy at scale. In June this year, Inox Neo Energies <a href="https://www.mercomindia.com/inox-acquires-skypower-solar-india-50-mw-solar/" target="_blank" rel="noopener">completed</a> the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh. The project in Khandwa district was commissioned in the financial year 2018. The power generated from the project is tied up under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company.</p>
<p>Last December, INOXGFL <a href="https://www.mercomindia.com/inox-solar-manufacturing-module-cell" target="_blank" rel="noopener">announced</a> its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters. Inox Solar aims to achieve an initial manufacturing capacity of 5 GW of solar modules and 2.5 GW of solar cells by 2026, with a capital expenditure of ₹15 billion (~$176.73 million).</p>
<p>The first half (1H) of 2025 witnessed 50 solar mergers and acquisitions transactions, compared to 40 in the same period in 2024, according to Mercom India’s <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">1H and Q2 2025 Solar Funding and M&amp;A Report</a>. In 1H 2025, 106 solar project acquisitions totaling 19.9 GW took place, compared to 113 totaling 18.5 GW in 1H 2024.</p>
<p>Investment firms acquired most of the solar projects in Q2 2025, picking up 2.1 GW, followed by oil and gas companies with 1.53 GW.  Project developers and independent power purchasers acquired 1.5 GW of projects. Other companies (insurance providers, pension funds, energy trading companies, industrial conglomerates, and information technology firms) followed with 1 GW, and utilities with 136 MW.</p>


Inox Neo Energies to Acquire 640 MW Renewable Hybrid Portfolio from Evergreen


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					</table><p><a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>’s subsidiary Inox Neo Energies has completed the acquisition of Skypower Solar India, which operates a 50 MW solar power project in Madhya Pradesh.</p>
<p>Skypower Solar India has an enterprise value of approximately ₹2.65 billion (~$30.97 million), which is 5.3 times the earnings before interest, taxes, depreciation, and amortization over the past 12 months.</p>
<p>The 50 MW solar project in Khandwa district was commissioned in the financial year 2018. The power generated from the project is tied up under a 25-year power purchase agreement with the Madhya Pradesh Power Management Company.</p>
<p>Bharat Saxena, CEO, Inox Clean Energy, stated that the company is significantly scaling up its independent power capacity under Inox Neo Energies, both organically and inorganically. The solar project’s acquisition is part of Inox Clean Energy’s inorganic growth strategy. The company aims to achieve 3 GW of hybrid installed capacity within the next two to three years.</p>
<p>Earlier this year, the National Company Law Tribunal, Chandigarh bench, <a href="https://www.mercomindia.com/company-law-tribunal-approves-inox-wind-energys-merger-with-inox-wind" target="_blank" rel="noopener">approved</a> the merger between Inox Wind Energy and Inox Wind, both INOXGFL Group companies. The companies hope that combining their operations will help them achieve cost savings through economies of scale, improved resource utilization, the elimination of redundant functions and operations, and streamlining of regulatory compliance.</p>
<p>Last December, the INOXGFL Group <a href="https://www.mercomindia.com/inox-solar-manufacturing-module-cell" target="_blank" rel="noopener">announced</a> its entry into solar manufacturing through Inox Solar, a privately held entity owned by the promoters. Inox Solar aims to achieve 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).</p>
<p>In September, IGREL Renewables, INOXGFL Group’s renewable power generation platform, <a href="https://www.mercomindia.com/inox-groups-renewables-equity-investment" target="_blank" rel="noopener">raised</a> ₹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.</p>


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