The INOXGFL Group is preparing to list INOX Clean Energy on domestic stock exchanges in the financial year 2025-26, aiming to raise Rs 5,000 crore via an Initial Public Offering (IPO), according to industry sources. The IPO is expected to be launched in the third quarter of FY26.
INOX Clean Energy is a fully integrated renewable energy platform specializing in solar panel manufacturing and electricity generation from renewable sources. The company has enlisted five leading investment banks to manage the IPO process, further reinforcing its commitment to expanding in India’s renewable energy sector.
With this listing, INOX Clean Energy will become the fifth entity from the $12 billion INOXGFL Group to be publicly traded. The group currently has four listed companies, including Gujarat Fluorochemicals Ltd, a key player in chemical manufacturing focused on battery materials. Inox Wind Ltd is a leading manufacturer of wind turbines, while Inox Wind Energy Ltd serves as the holding company and is currently undergoing a merger with Inox Wind Ltd. Inox Green specializes in operations and maintenance within the renewable energy sector.
The INOXGFL Group plans to offer 10-15% of INOX Clean Energy’s equity to the public, valuing the company at approximately Rs 50,000 crore ($6 billion). This IPO is expected to bolster the group’s position in India’s rapidly growing renewable energy market.
India’s Solar Capacity Surpasses 102.5 GW, Strengthening Renewable Energy Growth
India continues to make significant strides in its renewable energy sector, with solar power playing a dominant role. As of February 2025, the country’s total installed solar photovoltaic (PV) capacity reached 102,566.02 megawatts (MW), accounting for over 61% of India’s total renewable energy mix, excluding large hydro projects. This milestone reflects India’s firm commitment to transitioning to cleaner energy sources.
The rapid growth of solar power has been fueled by declining solar panel costs, technological advancements, and supportive government policies. Private sector investment and increased public awareness have also contributed to this expansion. In February 2025 alone, India added 2.236 gigawatts (GW) of new solar capacity, marking a nearly 36% year-on-year growth compared to February 2024. The previous year’s installed capacity stood at approximately 74.57 GW, highlighting a remarkable 26.99 GW increase in just 12 months.
Government Policies Driving Solar Growth
A key factor in this growth has been the Indian government’s push for domestic solar manufacturing. Initiatives such as the Production-Linked Incentive (PLI) scheme and the Approved List of Models and Manufacturers (ALMM) have played crucial roles. The ALMM order, reinstated on April 1, 2024, mandates that government-backed solar projects use certified solar modules, ensuring higher quality and reliability. From June 1, 2026, the ALMM order will also cover solar PV cells, further enhancing efficiency and performance in the industry.
As of February 2025, India’s total renewable energy capacity, excluding large hydro projects, stands at 167.709 GW. Solar and wind energy together contribute 151.154 GW, making up over 90% of this capacity. Ground-mounted solar systems lead the sector with a total installation of 78.47 GW, while hybrid systems, which integrate solar and wind power, account for 2.85 GW. Rooftop solar installations have also gained traction, reaching 16.66 GW, as businesses and households increasingly adopt solar solutions to reduce electricity costs and enhance energy security.
Solar Power Impacting Rural Development
Solar energy has played a transformative role in rural India, particularly in regions lacking reliable grid access. Off-grid solar systems, including solar lanterns, pumps, and microgrids, now have a combined capacity of 4.59 GW. These systems are reducing dependence on costly and polluting diesel generators, improving livelihoods, and providing sustainable electricity to remote villages.
Challenges and the Road Ahead
Despite the remarkable progress, challenges remain. Securing land for large-scale solar farms is becoming increasingly difficult, and integrating substantial solar power into the national grid requires significant infrastructure upgrades to maintain stability and reliability. Continued investment in technology and local manufacturing will be essential to address these challenges and sustain growth.
Crossing the 100 GW solar capacity mark places India among the world’s leading solar energy producers. The government’s focus on solar parks, rooftop solar incentives, and private sector collaboration has been instrumental in achieving this milestone. By promoting local manufacturing through policies like PLI, India is reducing its dependence on imported solar equipment and strengthening its renewable energy sector.
Looking ahead, India appears well-positioned to achieve its long-term renewable energy targets, solidifying its status as a global leader in solar power development.
