IGREL Renewables Raises Rs 300 Crore from Akash Bhansali, Madhusudan Kela

Introduction: A Major Leap Towards Renewable Energy

INOXGFL Group’s privately held IPP platform, IGREL Renewables, has secured Rs 300 crore equity capital from prominent investors. This capital infusion aligns with IGREL’s vision to become a leading pure play commercial and industrial (C&I) renewable power generation platform in India.

Expansion Plans: Aiming for 2 GW by FY27

IGREL Renewables has set an ambitious target to achieve 2 GW of installed capacity by FY27, comprising both wind and solar energy projects. The company plans a cumulative capital expenditure of approximately Rs 12,000 crore over the next three years, reinforcing its commitment to India’s energy transition.

Marquee Investors: Backing the Green Mission

The capital raise witnessed participation from notable investors, including Mr. Akash Bhansali, Mr. Rohit Kothari, and Mr. Madhusudan Kela, through their respective entities. These marquee investors’ involvement underscores the growing confidence in IGREL’s business model and its potential to drive significant value creation in the renewable sector.

Strategic Partnerships and Projects

The company has already placed firm orders for 200 MW and signed additional Letters of Intent (LoIs) for 550 MW of wind capacity with Inox Wind. For its solar capacity, IGREL has engaged multiple solar EPC companies and plans to place more orders soon. Additionally, IGREL has secured Power Purchase Agreements (PPAs) and LoIs from various group companies and large C&I customers for over 600 MW capacity.

Synergy and Strategic Value Addition

IGREL aims to add substantial value to the entire INOXGFL Group by securing long-term renewable power for group companies, reducing carbon footprints, and creating business opportunities for affiliated renewable companies like Inox Wind, Resco Global, and Inox Green. This synergy is expected to drive growth and enhance the Group’s market position in the renewable sector.

Turnkey Capabilities: Inox Wind’s Role

Inox Wind’s plug-and-play turnkey project execution capabilities, along with its developed evacuation infrastructure and approvals, provide IGREL with a competitive advantage. The existing power evacuation infrastructure, currently used for wind projects, will also support the quick commissioning of IGREL’s solar projects.

Long-term Vision and Investor Confidence

The investment in IGREL is a testament to INOXGFL Group’s long-standing commitment to nurturing its businesses. As Mr. Devansh Jain, Executive Director of INOXGFL Group, stated, the venture will enhance value for all stakeholders and position the Group among the select few with end-to-end capabilities in the renewable sector.

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