Inox Clean Energy Ltd, part of the INOXGFL Group, is set to invest ₹1 trillion in renewable energy projects by 2030. This ambitious plan was announced by executive director Devansh Jain, who highlighted the focus on renewable energy, solar equipment manufacturing, and battery energy storage systems.
The company currently boasts a solar module capacity of approximately 6 GW, which includes operations in India and the US. Inox aims to expand this capacity to 11 GW within the next year.
Inox Clean Energy is pursuing growth through a combination of greenfield projects and international acquisitions. Jain indicated that the company is also looking to enhance its renewable energy business in Africa, with annual revenues around ₹6,600 crore.
Investment Strategy: The company plans to allocate ₹25,000 crore annually towards its investment goals, focusing on independent power production (IPP), solar modules, and battery energy storage systems (BESS). Currently, Inox Clean's renewable energy platform stands at nearly 3 GW, with a target to reach 10 GW in the next two years.
In a recent move, Inox Clean acquired a 3 GW module and 3 GW cell manufacturing capacity from Boviet Solar in the US for $750 million. Additionally, the company took over Vibrant Energy, which has a portfolio of 1,337 MW, for an enterprise value of ₹5,000 crore.
Global Expansion Initiatives
InoxGFL Group is intensifying its global expansion strategy, particularly in battery chemicals and solar manufacturing, as it aims to strengthen its position in the electric vehicle (EV) and energy transition supply chains. The group has established a joint venture with RJ Corp to explore renewable energy opportunities in Africa.
Inox also plans to invest around ₹6,000 crore in its battery chemicals business over the next three years, with a focus on creating one of the largest battery chemical facilities outside China. Operations are set to begin next year in India and Oman.
Market Dynamics: Jain noted that the battery business is primarily export-oriented, targeting global EV and storage supply chains. He remarked on the disruption of the Chinese supply chain due to geopolitical changes, particularly referencing the US’s Inflation Reduction Act. Initially, about 80% of production from India is expected to be exported, although this may change as the domestic battery market develops.
India's favorable positioning in the clean energy transition is bolstered by rising domestic demand and supportive policies. The government's goal of achieving 500 GW of non-fossil capacity by 2030 has attracted significant investor interest. However, challenges such as transmission capacity issues and a backlog of unsigned power purchase agreements persist.
Jain concluded by emphasizing the declining costs of battery technology, which have dropped from around $150 per kilowatt-hour to nearly $70, indicating a shift in demand towards hybrid and continuous renewable power solutions.
