Motilal Oswal Group has committed Rs 15 billion (bn) to Inox Clean Energy, with Rs 10 bn already invested through compulsorily convertible debentures to support expansion and acquisitions.

The investment forms part of a wider funding round that followed a Rs 7 bn commitment from the Adar Poonawalla Family Office and complements backing from institutional and family investors. Funds will be used to accelerate inorganic growth and strengthen the integrated renewable energy platform.

Inox Clean Energy operates across renewable power generation and solar manufacturing via its subsidiaries Inox Neo Energies and Inox Solar and has grown its operating portfolio and development pipeline through organic expansion and strategic acquisitions. Recent purchases include manufacturing assets of US-based Boviet Solar and renewable platforms previously owned or backed by global investors such as Vena Energy, Vibrant Energy, SunSource Energy and SkyPower, including an Africa business. The investor base now includes CalPERS, RJ Corp, Hero Group, Authum Investments and high-net-worth family offices.

The company reported its renewable independent power producer portfolio in India reached three gigawatt (GW) of capacity as of June 2026 and expects operational capacity to exceed six GW by the end of FY27, positioning it among the faster-growing IPP platforms. Its Africa IPP arm has begun construction in Zimbabwe and the group cited sovereign power purchase agreements, land availability and grid connectivity as drivers of expansion on the continent. The integrated model is said to support faster project execution, supply chain reliability and cross-selling across the value chain.

On manufacturing, the group operates a three GW module plant in Gujarat and is developing a five GW module and cell facility in India, while in the United States it has established a three GW module facility and plans an additional three GW cell plant. The company indicated US operations will benefit from 45X tax credits under the Inflation Reduction Act and recent Section 232 measures. Executives described the Motilal Oswal commitment as a vote of confidence in the integrated strategy and said it will underpin the next phase of expansion.