IGREL Renewables Ltd Secures Rs 300 Crore in New Funding Round

INOXGFL Group announced that its renewable power generation platform, IGREL Renewables Ltd, has raised Rs 300 crore. The funding round included investors such as Akash Bhansali, Rohit Kothari, and Madhusudan Kela. IGREL aims for a 2 GW installed capacity by FY27, placing orders for wind and solar projects.

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

The funding round attracted participation from notable investors like Akash Bhansali, Rohit Kothari, and Madhusudan Kela, who invested through their respective entities, the company said in a statement.

IGREL Renewables has ambitious plans to reach an installed capacity of 2 GW in wind and solar energy by FY27, with a projected cumulative capital expenditure of around Rs 12,000 crore. The company has already placed firm orders for 200 MW and signed additional 550 MW letters of intent with Inox Wind for wind energy projects, to be executed on a turnkey basis. Multiple letters of intent have also been issued to leading solar EPC companies for solar capacity development, with more orders expected soon.

IGREL has secured power purchase agreements and letters of intent from group companies and other large customers for over 600 MW of capacity. Devansh Jain, Executive Director of INOXGFL Group, expressed gratitude to investors for their belief in IGREL, highlighting the value this will create for the group and its stakeholders.

(With inputs from agencies.)