IGREL Renewables Raises Rs 300 Crore

IGREL Renewables, part of the INOXGFL Group, has raised Rs 300 crore from investors to expand its renewable energy platform, targeting 2 GW of wind and solar capacity by FY27. The company has already secured orders and agreements for over 600 MW of capacity, with plans for further development

PTI

Updated on: 18 September 2024 3:19 pm

IGREL Renewables, part of the INOXGFL Group, has raised Rs 300 crore from investors to expand its renewable energy platform Photo: by freepik

INOXGFL Group on Wednesday announced that its renewable power generation platform IGREL Renewables Ltd has raised Rs 300 crore.

The funding round witnessed participation from marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective entities, a company statement said.

INOXGFL Group, one of India's leading business groups, announced today 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 statement said.

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IGREL Renewables aims to reach an installed capacity of 2 GW (combination of wind and solar) by FY27 at a cumulative capex of ~ Rs 12,000 crore.

IGREL has already placed firm orders for 200 MW and has signed additional 550 MW LoI (letter of intents) 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 signed power purchase agreements (PPA), received LoIs from group companies and other large customers for more than 600 MW capacity.

Devansh Jain, Executive Director of INOXGFL Group, said in the statement, "I thank all our investors for their belief in IGREL, which will not only add value to all our group companies but also create significant value for all the stakeholders."