The first three quarters of 2025-26 saw significant equity activity in India’s renewable energy sector, with companies raising capital, acquiring assets and forming strategic partnerships to expand capacity and strengthen their market presence. These transactions reflect robust investor interest and a growing focus on scaling both utility-scale, and commercial-and-industrial renewable projects across the country.
Key recent equity deals
- In January 2026, Inox Clean Energy, via Inox Neo Energies, acquired SunSource Energy’s 300 MWp solar portfolio across 13 states for around Rs 7.5 billion, with 250 MWp already transferred and 50 MWp pending approvals; NIIF Infrastructure Finance financed the deal.
- In January 2026, Waaree Renewable Technologies signed a binding term sheet to acquire about a 55 per cent stake in Associated Power Structures for around Rs 12.25 billion through a mix of primary and secondary investments, making it a Waaree subsidiary.
- 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.
- A.P. Moller Capital, in December 2025, committed investments of up to Rs 13.5 billion 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, with 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.
- In December 2025, AMPIN Energy Transition raised $50 million from Dutch development bank FMO to fund greenfield renewable projects across India, supporting portfolio expansion in the commercial and industrial, and utility-scale segments; and aligning with India’s target of 500 GW non-fossil capacity by 2030.
- JK Cement Limited, in December 2025, acquired an additional 12.21 per cent stake in O2 Renewable Energy V Private Limited from JSW Neo Energy Limited for about Rs 50 million (at Rs 11.18 per share), raising its total holding to 28.97 per cent.
- In November 2025, SAEL Industries raised structured equity from Norfund as part of its pre-initial public offering (IPO) capital restructuring, through compulsorily convertible preference shares, to be converted into equity upon listing.
- 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.
- In September 2025, Torrent Power acquired 100 per cent of Newzone Power Projects and 49 per cent of Newzone India from the Sarawagi family for Rs 2.11 billion.
- In August 2025, Acme Solar Holdings’ board approved plans to raise up to Rs 30 billion through equity or equity-linked instruments via qualified institutional placements (QIPs), public offers, private placements or a combination, subject to approvals.
- Clean Max Enviro Energy Solutions Limited filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) in August 2025 to raise Rs 52 billion via an IPO, comprising a Rs 15 billion fresh issue and a Rs 37 billion offer for sale, with a face value of Re 1 per share.
- Tata Power Limited acquired a 40 per cent stake in Khorlochhu Hydro Power Limited (KHPL) in July 2025 for Rs 1.2 billion as the first tranche of a planned Rs 8.3 billion investment over five years. The investment supports the development of the 600 MW KHPL in Bhutan, with an estimated project cost of about Rs 69 billion.
- In June 2025, the Indian Renewable Energy Development Agency (IREDA) raised Rs 20.06 billion via a QIP by issuing 121.5 million shares at Rs 165.14 each. The issue was oversubscribed 1.34 times, exceeding the Rs 15 billion base size, and attracted both domestic and foreign institutional investors. The funds will strengthen IREDA’s Tier I capital and capital adequacy, as part of its plan to raise up to Rs 45 billion in equity approved in September 2024.
- In April 2025, Continuum Green Energy Limited secured SEBI approval for a Rs 36.5 billion IPO, comprising a Rs 12.5 billion fresh equity issue and a Rs 24 billion offer for sale by promoter Continuum Green Energy Holdings Limited.
Outlook
The recent equity transactions point to a more differentiated capital deployment environment in India’s renewable energy sector. 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.