Inox Clean Energy has filed DRHP with SEBI as it plans an IPO to raise INR 10,000 crore
It plans to use most of the IPO proceeds to repay or prepay borrowings while remaining will be used for general corporate purposes
The company operates 3 GW of solar module capacity in India and approximately 3 GW in the US
Indian renewable energy company Inox Clean Energy plans to raise INR 10,000 crore (approximately $1 billion) through a public offering. The company has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO).
According to the Inox Clean Energy’s DRHP, the IPO comprises a fresh issue of shares worth up to INR 8,000 crore and an offer for sale (OFS) of up to INR 2,000 crore.
The company plans to use most of the net proceeds to repay or prepay outstanding borrowings of the company and its subsidiaries. The remaining proceeds will be allocated to general corporate purposes, subject to a cap of 25% of the gross proceeds.
One of the leading names in the solar PV market, Inox had a renewable energy independent power producer (IPP) portfolio totaling 9.29 GW across India and Africa, as of August 31, 2026. This comprises 2.37 GW of operational capacity across nine Indian states, 800 MW of under construction, 2.99 GW in the pipeline and 3.13 GW of future capacity.
Out of the total 9.29 GW, Inox says 6.16 GW is contracted under long-term offtake agreements.
Inox counts 2.91 GW of sovereign-backed IPP portfolio under-development across African nations of Zambia, Zimbabwe, and the Democratic Republic of Congo (DRC) where it operates through SkyPower MENA, its venture with Arctic International Private Limited. The company acquired SkyPower, Sunsource Energy and Vibrant Energy platforms during fiscal 2026 (see India Solar PV News Snippets).
In August 2026, it completed INR 6,000 crore acquisition of BlackRock-owned GIP’s Vena Energy India renewable energy platform that added 1 GW of operational, 1.7 GW of solar and wind, and 1.2 GWh of battery energy storage systems (BESS) assets at advanced stages to its portfolio. The dela also added 2.7 GW of solar and wind, and 1.3 GWh of BESS development pipeline.
Inox also operates in the solar PV manufacturing space operating approximately 3 GW module capacity in the US, with close to 3 GW of cell capacity under construction via Inox Solar Americas. The latter acquired the assets of Boviet Solar (see North America Solar PV News Snippets).
In India, Inox operates a 3 GW solar module manufacturing factory at Bavla in Gujarat based on TOPCon technology, however it plans to explore heterojunction (HJT) in the future.
Inox Clean Energy has joined a growing group of Indian solar PV companies pursuing IPOs. The list includes Juniper Green Energy and Clean Max Enviro Energy, which have recently gone public, as well as Cosmic PV Power, Emmvee, and Avaada Electro, which are preparing to list (see India Solar PV News Snippets).
