India’s renewable energy companies are preparing initial public offerings worth more than ₹25,000 crore.
INOX Clean Energy will lead with a ₹6,000 crore issue, the country’s largest renewable IPO to date. Hero Future Energies, backed by KKR, is targeting ₹5,000 crore. Emmvee Photovoltaic and Juniper Green Energy are each seeking about ₹3,000 crore.
The push follows $11.8bn of renewable investment in the first half of 2025, the second-highest six-month inflow on record. The government’s ₹20 lakh crore clean energy plan by 2030 has increased demand for equity financing, which typically covers 20 per cent of project costs.
Domestic content rules for solar contracts came into effect this month, supporting local manufacturers. Avaada Group has secured 14 GW of power purchase agreements and is positioning itself as an integrated operator.
Margins remain tight in a commoditised global solar industry, placing pressure on execution. NTPC Green Energy’s ₹10,000 crore listing last year demonstrated investor appetite for large-scale platforms, setting the benchmark for upcoming offerings.