Adani Green Energy Buys 3 SPVs from Inox Green Energy

Leading renewable energy company Adani Green Energy has revealed that it has acquired three entities from Inox Green Energy Services Limited (IGESL), a subsidiary of INOX Wind that is a wind power operation and maintenance (O&M) service provider. Each of the three entities holds 50 MW operational wind power projects at Dayapar, Gujarat.

The three special-purpose vehicles (SPVs) acquired by Adani Green Energy are named Wind One Renergy Limited (WORL), Wind Three Renergy Limited (WTRL) and Wind Five Renergy Limited (SFRL). The stock exchanges were informed by Adani Green Energy and INOX Wind individually about the settlement made in cash. Together, the three SPVs  make up a turnover of ₹121 crore in FY22 (WORL ₹42.3 cr, WTRL ₹42.2 cr and WFRL ₹36.5 cr) Adani Green stated in its filing.
IGESL will offer O&M services for the said projects.

“The acquisition is expected to be value accretive to our shareholders,” Adani Green said while Inox Wind told in a filing, “The company’s subsidiary, Inox Green Energy Services Ltd (IGESL), has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of ₹1.00 Lakh each.”

In 2019, Inox Wind had won 250 MW in SECI Tranche 1 auction. The capacity was won at a fixed tariff of ₹3.46 per for a period of 25 years for sale to PTC India.

Large Projects by Adani Green

Currently, Adani Group boasts of 647 MW capacity of wind power that is under operation. The business group has been constantly leaving an indelible impact on the solar and wind energy sector.

In September, the State of Madhya Pradesh saw Adani Green commission wind energy plants worth 325 MW. In May, AHEJOL (Adani Hybrid Energy Jaisalmer One Limited), a subsidiary of Adani Green Energy Ltd, commissioned the first wind-solar hybrid power generation plant in India in Jaisalmer, Rajasthan with capacity of 390 MW.

With its participation in Production Linked Incentive (PLI) scheme, the firm is also set to step foot into the solar module manufacturing sector.