Clean energy IPOs to light up India's fundraising landscape
Big things are happening for clean energy in India—2025 could see over $4 billion raised through IPOs.
After a slow start, the sector's getting fresh energy from companies like Inox Clean Energy, Clean Max Enviro, Hero Future Energies, and Avaada Energy, all aiming for major fundraising milestones.
Inox, Clean Max, Hero, and Avaada are all set
Inox Clean Energy is planning a ₹6,000 crore IPO and hopes to hit a ₹50,000 crore valuation—one of the biggest in the clean-energy space next year.
Clean Max Enviro is looking at ₹5,200 crore, Hero Future Energies wants ₹5,000 crore, and Avaada is targeting ₹4,000 crore.
The companies' operations and expansion plans
Inox runs 157 MW of renewables (including wind in Gujarat) and is ramping up solar cell production.
Clean Max Enviro powers over 531 businesses through more than 1,100 power deals as of March 2025.
Hero Future Energies operates 1.8 GW across seven states and is going global.
Avaada just opened a big solar module factory in Uttar Pradesh with 1.5 GW capacity—helping boost India's solar game even further.