Inox Wind secures 200 MW order for Wind Turbine Generators

9 Jul 2024 , 11:21 AM

Inox Wind Ltd., a wind energy solutions provider, announced to the exchanges on Tuesday, July 9, that it received an order for 200 MW from a renewable Commercial & Industrial (C&I) power producer.

The order is for Inox Wind’s 3 MW Wind Turbine Generators, and the scope of the transaction includes complete turnkey execution.

After commissioning, Inox Wind will provide multi-year operations and maintenance services. Inox Wind won the project, which would be carried out across Gujarat and Rajasthan.

“This (order), combined with our existing order book and strong order pipeline, reinforces our commitment to achieving significant growth in fiscal year 2025 and beyond,” Inox Wind CEO Kailash Tarachandani commented.

Last week, Inox Wind Energy announced plans to invest ₹900 crore in the company, making it “net debt” free (excluding promoter debt).

On May 28, Inox Wind Energy raised this money by selling roughly 5% of its shares in the company through block agreements.

CEO Tarachandani stated that the financial infusion will help the company become net debt free, strengthen its balance sheet, and accelerate expansion.

We anticipate significant savings in interest expenses in the future, which will help to increase our profitability. Tarachandani stated that with all of the building blocks in place, including our execution ability, cutting-edge technical offerings, financial strength, solid order book, and vast order pipeline, we are prepared to start on a significant growth path.

At around 10.18 AM, Inox Wind was trading 2.05% higher at ₹161.39, against the previous close of ₹158.15 on NSE. The counter touched an intraday high and low of ₹168.90, and ₹160.72, respectively.

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