Inox Wind up 3%; receives LoI from IGREL Renewables for 550 Mw wind project
Source: Business Standard
Inox Wind share price today rose 3.4 per cent to Rs 253.1 per share in the intraday trade on the BSE. The share price was close to Inox Wind’s stock’s record high of Rs 254.2 per share, touched on September 16, 2024.
The rise in Inox Wind shares came after the company received a Letter of Intent (LoI) from IGREL Renewables Ltd for execution of 550 megawatt (Mw) wind capacity on turnkey basis.
“As part of the project, Inox Wind will supply, install, and commission the Wind Turbine Generators (WTGs), and provide multi-year comprehensive operations and maintenance (O&M) services post commissioning,” Inox Wind said in a stock exchange filing.
The project, Inox Wind said, will be executed over the next 24 months across multiple sites in the states of Gujarat, Rajasthan, and Madhya Pradesh.
“The 550 Mw LoI is over and above the firm order of 200 Mw received in the past, and takes IWL’s orderbook to over 3.5 Gw,” it added.
Inox Wind’s turnkey project execution capabilities on plug-and-play basis is a significant advantage for IGREL, as it has multiple ready sites, developed evacuation infrastructure, and approvals in place/under-process for project installation, which helps expedite project commissioning. Further, its existing power evacuation infrastructure (currently being utilised for wind projects) is available for hybridisation, accelerating commissioning of IGREL’s solar projects.
Inox Wind Limited is one of the leading wind energy solutions providers in India. It is a part of the INOXGFL Group which is primarily focused on two business verticals – chemicals and renewable energy.
Inox Wind is a fully integrated player in the wind energy market with four state of-the-art manufacturing plants in Gujarat, Himachal Pradesh, and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs and Nacelles are manufactured.
At 11:55 AM, shares of Inox Wind were up 3 per cent as against the Sensex’s 0.2-per cent gain. The stock has soared over 400 per cent in the past one year as against the benchmark’s 23-per cent rally. Inox Wind has a market capitalisation of Rs 32,908 crore.
Separately, Inox Wind’s parent company, INOXGFL Group, announced on Wednesday that its privately held renewable power generation platform, IGREL Renewables Ltd., has raised
Rs 300 crore equity capital. The capital raise witnessed participation by marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective entities.
IGREL Renewables targets to reach an installed capacity of 2 Gw by FY27 (combination of wind and solar) at a cumulative capex of Rs 12,000 crore. IGREL, according to the company;s statement, has placed firm orders for 200 Mw. Further, for its solar capacity development, IGREL has given multiple LoIs to leading solar EPC companies with plans to place additional orders in the near future.
First Published: Sep 18 2024 | 12:12 PM IST
