Inox Clean Energy has announced that the Adar Poonawalla Family Office, through Rising Sun Holdings, has invested ₹7 billion (~$73.5 million) into the renewable energy platform, valuing the firm at ₹700 billion (~$7.35 billion).

The investment follows 10 strategic acquisitions completed by Inox Clean over the past 10 months, boosting its independent power producer, solar manufacturing, and related clean energy businesses.

The flow of the new capital will strengthen the company’s balance sheet and provide financial flexibility for manufacturing capacity expansion and strategic acquisition opportunities in India and globally.

Rising Sun Holdings joins existing investors in Inox Clean including CalPERS, RJ Corp, Authum Investments, and Akash Bhansali, amongst other family offices and HNI investors.

Devansh Jain, Executive Director at INOXGFL Group, said the investment reflected investors’ confidence in Inox Clean’s differentiated business model, disciplined capital allocation, and ability to consistently execute at scale.

Inox Clean targets 15 GW of installed renewable energy IPP capacity and 11 GW of integrated solar manufacturing capacity by 2028.

In April, Inox Clean wrapped up the acquisition of Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders, in a ₹50 billion (~$536.28 million) deal. Vibrant Energy’s portfolio included renewable energy assets spread across Maharashtra, Karnataka, Madhya Pradesh, Telangana, and Andhra Pradesh.

In the same month, Inox Clean’s Inox Solar Americas announced it would acquire 100% equity in Boviet Solar Technology (North Carolina), a U.S.-based solar module manufacturing subsidiary of Ningbo Boway Alloy Material, for $750 million.

Inox Clean followed up with the acquisition of Vena Energy India Holdings’ 6 GW renewable energy portfolio through its subsidiary, Inox Neo, in June. Vena Energy India’s portfolio comprises around 1 GW of operational capacity and 1.7 GW of solar and wind power assets. The portfolio also includes long-term power offtake arrangements with public sector and commercial enterprises, including Solar Energy Corporation of India and Gujarat Urja Vikas Nigam.