Inox Green Energy Bags O&M Contract for NLC’s 51 MW Wind Project Portfolio
Over this contract term, the anticipated value is approximately ₹400 million
The contract encompasses a comprehensive suite of O&M services for the wind power projects in Tamil Nadu, encompassing the power evacuation system, spanning five years.
Over this contract term, the estimated value is expected to be ₹400 million (~$4.8 million).
Last December, IGESL acquired a 51% stake in Ifox Windtechnik, adding over 230 MW of O&M business to its portfolio.
Inox Green, through acquisitions, aims to grow its business rapidly by bringing together small players, mainly from the unorganized sector, to provide the much-necessary boost to India’s wind energy market.
IGESL, the O&M arm of the wind major Inox Wind, currently owns and operates a portfolio surpassing 3 GW. SK Mathu Sudhana, the CEO of IGESL, said, “LoA from one of the largest PSUs is an important milestone in the growth journey of IGESL as well as of our subsidiary IFox Wind. The order demonstrates the faith which our clients have in our services and endorses the capabilities which we have built over the years. We are progressing towards our goal of reaching a WTG O&M portfolio of 6GW by FY26 through a mix of organic and inorganic growth.”
Recently, Inox Wind announced an investment of approximately ₹5 billion (~$60 million) from its main promoter and affiliated group entities. The capital infusion was realized through an equity share sale of the company by its promoter and associated group entities, facilitated through block deals.
In November 2022, Inox Wind and Inox Green Energy Services repaid debts of ₹1.61 billion (~$19.73 million) and ₹2.5 billion (~$30.63 million), respectively, as part of the strategic initiative to deleverage their balance sheets.