IGREL Renewables Ltd., a privately held renewable power generation platform of InoxGFL Group, announced on Wednesday that it had raised ₹300 crore ($35.8 million) equity capital by diluting a single-digit stake in the company.
According to a regulatory filing, investors Akash Bhansali, Rohit Kothari and Madhusudan Kela raised the capital for the company through their respective entities.
“IGREL will be a value enhancer for the entire group as all our listed companies benefit on account of the synergies with the platform,” said Devansh Jain, executive director of InoxGFL Group, in a statement.
Jain said that this venture establishes the group among the select few globally, having a presence across the entire value chain of renewables, from project development, manufacturing, engineering, procurement, and construction. It also bolsters its standing in operations and maintenance, power supply and consumption.
He added that he is building this entity privately to ensure that none of his listed companies carry non-core debt.
The company targets to reach an installed capacity of 2 gigawatts by March 31, 2027, at a cumulative capital expenditure of around ₹12,000 crores.
IGREL has already placed firm orders for 200 megawatts and has signed a letter of intent for an additional 550 MW with Inox Wind on Wednesday for wind capacities to be executed on a turnkey basis.
Further, for its solar capacity development, IGREL has given multiple LoIs to solar EPC companies with plans to place additional orders in the near future.
The company has already tied up power purchase agreements from group companies and other large commercial and industrial customers for over 600 MW capacity.
