INOXGFL's IGREL Renewables secures Rs 3 bn equity from key investors

19 Sep 2024 CW Team

INOXGFL Group announced that its privately-held renewable power generation platform, IGREL Renewables, raised Rs 3 billion in equity capital, resulting in a single-digit dilution.

According to the official press release, the company aims to achieve an installed capacity of 2 GW by FY27, with a capital expenditure of about Rs 120 billion.

The release stated that IGREL has already placed firm orders for 200 MW and signed an additional 550 MW Letter of Intent (LoI) with Inox Wind for wind capacities to be executed on a turnkey basis.

The company further mentioned that for its solar capacity development, IGREL has issued multiple LoIs to leading solar EPC companies and plans to place additional orders in the near future.

Additionally, the company has tied up Power Purchase Agreements (PPAs) and received LoIs from Group companies and other large Commercial & Industrial (C&I) customers for over 600 MW capacity. It is in advanced discussions with several C&I customers for additional PPAs and has earmarked certain capacities to be sold on the power exchanges.

The Independent Power Producer (IPP) platform aims to add value to all the Group companies. While the Group companies will secure their long-term power requirements from renewable sources, helping offset their carbon emissions, its renewable companies, including Inox Wind, Resco Global, and Inox Green, will benefit from large-scale business opportunities, the release added.

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