IGREL Renewables raises Rs 300 crore for renewable energy expansion: Rediff Moneynews

New Delhi, Sep 18 (PTI) INOXGFL Group on Wednesday announced that its renewable energy generation platform IGREL Renewables Ltd has raised Rs 300 crore.

The funding round was participated in by top investors including Akash Bhansali, Rohit Kothari and Madhusudan Kela through their entities, the company said in a statement.

INOXGFL Group, one of India’s leading business groups, today announced that its privately held renewable energy generation platform, IGREL Renewables Ltd, has raised Rs 300 crore of equity capital, ultimately resulting in single-digit dilution, a statement said.

IGREL Renewables aims to achieve an installed capacity of 2 GW (combined wind and solar) by fiscal 2027 at a cumulative capital expenditure of ~Rs 12,000 crore.

IGREL has already placed orders for 200 MW and signed today an additional 550 MW (LoI) with Inox Wind for the implementation of turnkey wind projects.

Moreover, IGREL, in view of developing its solar potential, has issued numerous letters of intent to leading solar EPC companies with plans to place further orders in the near future.

The company has already signed power purchase agreements (PPA) and received letters of intent from group companies and other large customers for capacities exceeding 600 MW.

Devansh Jain, Executive Director, INOXGFL Group, said in a statement, “I thank all our investors for having faith in IGREL, which will not only add value to all our group companies but also create significant value for all stakeholders.