Inox Wind sells entire stake in 3 SPVs to Adani Green

NEW DELHI : Inox Wind through its subsidiary arm, Inox Green Energy Services Limited (IGESL) has sold the entire equity shareholding held in three special purpose vehicles (SPV) — Wind One Renergy Ltd, Wind Three Renergy Ltd and Wind Five Renergy Ltd to Adani Green Energy Limited, a part of the Adani Group.

In a regulatory filing, Inox Wind said that the SPVs had commissioned 50 MW each, out of the total 250 MW which it had successfully won under the tranche 1 of Solar Energy Corporation of India Limited’s (SECI) bids for wind power projects at Dayapar, Gujarat connected on the central grid connected on the central grid at affixed tariff of 3.461 per unit for 25 years for sale to PTC India.

“The company’s subsidiary, Inox Green Energy Services Limited (IGESL) has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of 1.00 lakh each,” it said.

Post the transaction, IGESL shall provide long term operations and maintenance services for these projects.

With the policy focus on renewable energy and the for 500 GW of installed clean energy capacity by 2030, investments into the sector have picked up. Adani Group has been among the major business houses which has made significant presence in the sector across solar and wind projects. It has 647 MW of wind power capacity in operation.

Last month, Adani Green commissioned a 325 MW wind energy plans in Madhya Pradesh.

In May, AHEJOL, a subsidiary of Adani Green Energy Ltd commissioned a 390 MW wind-solar hybrid power plant in Rajasthan. This plant in Jaisalmer is, the first ever wind and solar hybrid power generation plant in India. With participation in the production linked incentive (PLI) scheme, the company has also entered the solar module manufacturing segment.

Inox Wind is wind energy solutions provider servicing independent power producers, utilities, PSUs, corporates and retail investors. It is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.

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