By Karan Sharma
The Indian renewable energy sector has witnessed over $11.27 billion of funding across debt and equity instruments in the first three quarters of FY 2025-26, as per Renewable Watch Research. Of this, approximately $3.79 billion, or about 33.63 per cent, was equity capital. Against this backdrop, Renewable Watch summarises several key equity deals closed in the past few months.
Key recent equity deals
Inox Clean Energy acquires Vibrant Energy
Inox Clean Energy acquired Vibrant Energy from Macquarie Corporate Holdings in December 2025. Vibrant Energy has a total renewable portfolio of about 1,337 MW, with roughly 800 MW operational and the remaining under construction or development. The assets consist of commercial and industrial projects spread across Madhya Pradesh, Maharashtra, Karnataka, Telangana and Andhra Pradesh. Several media reports place the enterprise valuation of the transaction at around Rs 50 billion.
Inox Clean Energy acquires SunSource Energy’s solar portfolio
Inox Clean Energy also acquired SunSource Energy’s operating solar portfolio through its renewable independent power producer (IPP) arm Inox Neo Energies in January 2026. The transaction involved approximately 300 MWp of solar capacity spread across 13 states through 16 special purpose vehicles (SPVs), of which about 250 MWp had already been transferred at the time of announcement, with the remaining 50 MWp pending approvals. According to several media reports, the transaction is valued at Rs 7.5 billion, with NIIF Infrastructure Finance acting as the lender for the transaction. As per the company’s statements, SunSource’s portfolio, together with Vibrant Energy’s acquisition, are core contributors to Inox’s IPP strategy, enabling the move towards their stated target of 3 GW of installed capacity by the end of FY 2025-26 and 10 GW by FY 2027-28.
Goldi Solar raises capital from Havells expansion of module and cell manufacturing capacity
In the manufacturing segment, Goldi Solar in October 2025 raised growth equity from Havells and a consortium of several high-net-worth and institutional investors. The company raised approximately Rs 14.22 billion, which is intended to fund the expansion of module and cell manufacturing capacity, support vertical integration and advance initiatives in high-efficiency solar technologies.
A.P. Moller Capital and Rays Power Infra form partnership to develop 900 MW of renewable assets
A.P. Moller Capital, in December 2025, committed up to Rs 13.5 billion to invest in renewable projects developed by Rays Power Infra through SPVs. Formed as a joint venture, the partnership will develop a utility-scale renewable pipeline of 900 MW across India. The transaction is subject to customary closing conditions, completion expected within the first half of 2026. The investment is reportedly expected to catalyse at least Rs 52 billion in total project capital expenditure.
Outlook
The recent equity transactions point to a more differentiated capital deployment environment in India’s renewable energy sector. Platform and portfolio acquisitions, such as Inox Clean Energy’s purchases of Vibrant Energy and SunSource Energy’s portfolio, point to investors’ growing preference to acquire quality operational and under-construction assets to bypass several systematic hurdles such as permitting timelines, land aggregation challenges and early-stage execution risk. For sellers, monetisation at this stage allows capital to be redeployed into new development pipelines or other segments of the value chain. This circulation of ownership capital, rather than a wave of final exits, reinforces renewable energy assets as a stable and investable class within India’s broader infrastructure landscape.
For Inox Clean Energy and Rays Power Infra, the equity deals support the preparations for their upcoming initial public offerings (IPOs). In both cases, equity is being used not only to expand capacity but also to improve financial profile and institutional readiness, all of which are critical for building a stable earnings profile ahead of an IPO listing.
The near-term outlook remains steady, supported by a strong project pipeline and ever-increasing investor interest across all platforms and segments, supporting a more resilient and financially stable renewable energy sector in India.
