Inox Wind Wins 550 MW Wind Project LoI from IGREL Renewables

Share price of Inox Wind declined by small percentage in morning trading hours on Wednesday, September 18. This was when the company had just issued a statement saying that it received a Letter of Intent from IGREL Renewables Ltd (IGREL) for the development of a 550 MW wind power project on a turnkey basis. 

The stock has quadrupled in the past year and has kept this Gurugram-based wind power equipment maker firmly on investors' focus lists on Wednesday, September 18. As of 09:26 a.m. IST, shares of Inox Wind traded at ₹242.65 on BSE with a decline of ₹2.10 or 0.86%.

The company will supply, install, and commission the WTGs to be provided along with comprehensive O&M for several years following commissioning of the project.

The order of 550 MW, to be executed within the next two years in locations across Gujarat, Rajasthan, and Madhya Pradesh, comprises an extension of an existing order of 200 MW. With this, Inox Wind's total order book now stands above 3.5 GW.

Kailash Tarachandani, Group CEO, Inox Wind, added, "This is a significant milestone for Inox Wind and puts us further on the road to realizing our vision of executing 2 GW annually by FY27, driven by our solid order book. With favorable sector conditions and all key elements in place, we are in a strong position to capture the growing opportunities in the renewable energy space over the next decade."

Inox Wind has reported a significant 83% rise in revenue at ₹638.8 crore for the April-June quarter, compared to the same period last year. The company also reported a net profit of ₹48 crore. This represents a significant improvement from the net loss of ₹63.5 crore that it had incurred the previous year.

Inox Wind is one of the major wind energy solution providers in India to independent power producers (IPPs), utilities, public sector undertakings (PSUs), and corporate investors. The company is an important part of the INOXGFL Group, a group which focuses on chemicals and renewable energy and operates with four manufacturing facilities, with production capacity above 2 GW every year.

Inox Wind provides WTG manufacturing and sale together with EPC, O&M, and infrastructure services to wind farms.