IGREL Renewables Limited Unlisted Shares

As India’s manufacturing and infrastructure sectors accelerate their transition to green energy, IGREL’s strategically curated asset base positions it as a future leader in the C&I renewable ecosystem.

🔌 Business Model: Independent Power Producer (IPP)

IGREL operates on a long-term, contracted revenue model, generating predictable cash flows through 10–25 year Power Purchase Agreements (PPAs) with:

• Group companies under INOXGFL
• Large industrial and commercial consumers
• Third-party buyers through Letters of Intent (LoIs)

Key pillars of the business model:

✔ Owns and operates RE assets (wind + solar)
✔ Turnkey project execution through top EPC partners like INOX Wind
✔ Hybrid + solar–wind co-location strategy for higher PLFs
✔ Plug-and-play connectivity for faster grid tie-in
✔ Multi-state presence across India’s windiest and sunniest corridors

🚀 Strategic Advantages That Set IGREL Apart

🌬 1. Ready-to-Execute Green Energy Projects (1,100 MW Shovel-Ready)

IGREL has one of India’s strongest project pipelines, with over 1.1 GW of fully permitted, land-secured, execution-ready capacity.

🌱 2. Additional 900 MW Growth Pipeline

A further 900 MW capacity is under planning—ensuring multi-year scalability and predictable portfolio expansion.

⚡ 3. Pre-Secured Buyers (600+ MW Locked-In)

• 300 MW PPAs already signed with INOXGFL group companies
• 300+ MW LoIs secured from external C&I customers

This significantly reduces offtake risk and ensures stable revenue visibility.

🏗 4. Best-in-Class EPC & Technology Partners

With execution collaborations including INOX Wind and leading solar developers, IGREL ensures high-quality installations and on-time delivery.

🔌 5. Plug-and-Play Evacuation Infrastructure

The company enjoys easy grid connectivity, helping projects achieve faster commissioning and lower capex.

💰 Funding & Capital Structure

1. Promoter Equity Infusion

INOXGFL Group promoters have contributed ₹150 crore as initial equity to establish IGREL’s foundation and early-stage portfolio.

2. FY25 Pre-IPO Round Requirements

• Total fundraise planned: ₹350 crore
• Promoters to infuse: ₹100 crore
• External investors to contribute: ₹250 crore

Valuation Benchmark:

• Pre-money valuation estimated at ₹2,700 crore
• Implies ~10x FY26E EV/EBITDA
• Expected promoter dilution: 9–10%

3. IPO Timeline (FY26)

• DRHP Filing: May 2025
• IPO Launch: Oct–Nov 2025

Post-listing, IGREL targets over 1 GW operational + under-construction capacity, positioning itself as a fully self-sustaining renewable energy player in India’s booming green power market.

🌍 Why IGREL Matters for India’s Renewable Future

With industrial decarbonization accelerating, India’s C&I segment is shifting rapidly to renewable energy. IGREL’s integrated business model, strong execution track record, and long-term PPA commitments make it uniquely positioned to:

• Reduce industrial carbon footprints
• Provide cost-efficient green power
• Support India’s 500 GW renewable energy target
• Establish itself as a next-generation clean energy leader