IGREL Renewables Raises Rs 300cr Equity Capital From Marquee Investors

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INOXGFL Group, one of India’s business groups operating in the renewable sector announced that its privately held renewable power generation platform, IGREL Renewables Ltd., has raised Rs 300 crore equity capital, eventually resulting into 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 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 ~ Rs 12,000 crores. IGREL has already placed firm orders for 200 MW and has signed additional 550 MW LoI with Inox Wind today for wind capacities to be executed on 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 the 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.