Inox Wind shares jump 3% on 153 MW order win; key details

Shares of Inox Wind Ltd, a wind energy solutions provider servicing IPPs, utilities, PSUs & corporate investors, climbed 3 per cent in Friday's trade after the company received first-ever order for 153 MW from a renewable energy player, a member of a large global clean energy company, for a project being developed in Tamil Nadu. The company said multi-year post commissioning O&M services will be a part of the contract.

Inox Wind's subsidiary, Inox Green Energy Services Ltd, is the only listed wind O&M services company in India, having a portfolio of 3.5 GW.

Shares of Inox Wind climbed 2.54 per cent to hit a high of Rs 157 on BSE. With this, the stock has cut its year-to-date losses to 15.96 per cent.

Inox Wind said the order is for the supply of 3 MW class turbines for a project being developed by the company in Tamil Nadu. Additionally, Inox Wind will provide limited scope EPC for the project as well as multi-year operations & maintenance (O&M) services post the commissioning of the turbines.

Shares of subsidiary Inox Green Energy Services Ltd were trading 2.33 per cent higher at Rs 129.45.

Group CEO Kailash Tarachandani said, "We are delighted to announce a large 153 MW order from one of the leading renewable energy players in India, adding another strong customer to our well diversified and large orderbook. As India’s burgeoning commercial & industrial (C&I) market continues to grow at a rapid pace, Inox Wind’s expertise in wind project execution, backed by a robust product and servicing excellence, continues to place it as a partner of choice for large renewable project developers."

Inox Wind is a fully integrated player in the wind energy market with four manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured.

With its 3 MW series WTG offering, IWL’s manufacturing capacity stands at 2.5 GW per annum. Through its other subsidiary, Resco Global Wind Services, Inox wind offers EPC services for wind projects and develops common infrastructure, including power evacuation infrastructure, for renewable projects.