Inox Green Enters Solar O&M With 675 MWp Projects Across India

Inox Green Energy Services has agreed to provide operations and maintenance (O&M) services for 675 MWp of solar projects owned by one of India’s leading renewable energy companies. The projects are located across multiple states in India.

With the agreement, Inox Green — one of the country’s leading renewable O&M service providers — marks its entry into the solar O&M segment, which is expected to grow significantly over the next decade, offering substantial opportunities for the company.

On this occasion, S K Mathusudhana, Chief Executive Officer (CEO) of Inox Green, remarked, “We are thrilled to enter into this agreement with a marquee customer. With this, Inox Green has now forayed into solar O&M which offers large-scale growth opportunities for us in one of the fastest expanding industries. We believe that with our expertise, credentials, and relationships across customers in India, we will be able to rapidly grow our portfolio of assets under management.” 

Solar Expansion Timeline and Outlook

In the Q3 FY 2025 earnings conference call, Mathusudhana said, “Basically, the execution on solar is expected in the next FY. So as soon as the timeline of 8 to 9 months, the project commissioning, so it will be taken over by Inox Green. So the financial will be reflecting post that.”

Responding to a query on whether solar O&M cash flow margins would be similar to those in wind, Akhil Jindal said: “As far as Mr. Mathu has said, in terms of the solar margins, since we are providing a hybridization solution, our solar O&M revenue—EBITDA margins—will be a little higher as compared to the industry. That is one. But that would not be surely 50% because wind is kind of a unique play in which EBITDA margins are higher—that is complex. Solar is a relatively simpler process, but due to the hybridization, we have the advantage.”

ABOUT Inox Green Energy Servides Limtted:  

Inox Green Energy Services Limited is one of the major renewable power operations and maintenance (“O&M”) service providers in India with > 4 GW of renewable assets under management. The company is engaged in the business of providing long-term O&M services for renewable energy projects. Part of the INOXGFL Group and a subsidiary of Inox Wind with whom it enjoys a synergistic relationship, It has a strong and diverse portfolio base and an established track record of over a decade.