IGREL Renewables, the independent power producer (IPP) platform of the InoxGFL Group, has raised ₹300 crore in equity capital.

What Happened: The company announced the fundraise in a press release on Wednesday. The capital raise witnessed participation from prominent investors like Akash Bhansali, Rohit Kothari and Madhusudan Kela, who invested through their respective entities.

IGREL Renewables aims to be a leading renewable power generation platform in India, intending to hit an installed capacity of 2 gigawatts by FY27.

Devansh Jain, executive director of InoxGFL Group, stated, “IGREL will be a value enhancer for the entire group as all our listed companies benefit on account of the synergies with the platform.” He further added that this venture places InoxGFL Group among a select few globally, having a presence across the entire value chain of renewables.

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IGREL has already placed firm orders for 200 megawatts and signed an additional 550-megawatt letter of intent with Inox Wind for wind capacities to be executed on a turnkey basis. The project, which will be executed over the next 24 months, will span multiple sites in Gujarat, Rajasthan, and Madhya Pradesh.

The IPP platform, which involves a cumulative capex of around ₹12,000 crore over the next three years, is expected to boost the group’s presence in the renewable energy sector. This aligns with India’s broader goals of transitioning to cleaner energy sources and reducing its carbon footprint, the company said.

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