CalPERS, Enam, and Authum Investments Eye Stake in Inox Clean Energy
Agencies such as CalPERS, Enam, and Authum Investments are reportedly close to acquiring a low single-digit stake in Inox Clean Energy for $330 million. This move highlights the growing interest in renewable energy assets in India. Here are the key takeaways associated with this potential investment:
– Investment Details:
– The investment would value Inox Clean Energy at approximately $5-5.5 billion.
– The California Public Employees’ Retirement System (CalPERS) is the largest public pension fund in the U.S. and is among the prominent investors in this deal.
– Other investors include the Khemka family-promoted Sun Group and members of the Enam group.
– Company Overview:
– Inox Clean Energy is engaged in renewable energy generation and solar equipment manufacturing.
– It operates through two subsidiaries: Inox Neo Energies and Inox Solar Ltd.
– Growth Targets:
– Inox Neo Energies aims for an installed generation capacity of 10 gigawatts (GW) by 2028.
– Inox Solar plans to establish 11 GW of solar module manufacturing and 8 GW of solar cell manufacturing by the same timeframe.
– Previous Acquisitions:
– The company recently acquired Vibrant Energy from Macquarie, supplying electricity to Amazon’s facilities in India.
– It also secured a solar projects portfolio from SunSource Energy, an arm of Netherlands-based SHV Energy.
– Future IPO Plans:
– Inox Clean Energy initially filed for an IPO in July but withdrew its draft in December to focus on acquisitions.
– The recent funding could potentially revive its public offering plans.
– Market Environment:
– India’s renewable energy sector is attracting diverse investments aimed at utilizing cleaner fuel sources.
– Notable players, like ArcelorMittal, are increasing their investments in renewable energy for industrial needs, showcasing the market’s robust potential.
As these developments unfold, the participation of CalPERS and other notable investors reflects the strategic shift towards sustainable energy solutions in India. This not only paves the way for Inox Clean Energy’s expansion but also highlights the broader trend of investment in renewable energy resources across the globe.