Inox Wind Bags 62 MW Order to be Developed Across Gujarat and Karnataka

Adani Green's 130 MW Wind Project Commissioned in Gujarat

Inox Wind has received new orders for the supply and installation of wind turbine generators of 62 MW capacity across Gujarat and Karnataka

Inox Wind, leading wind energy solutions provider, has announced that it has received new orders for the supply and installation of wind turbine generators of 62 MW capacity from Independent Power Producers (IPPs) and retail customers spread across various industries for third party sales and captive consumption. 

The projects will be executed on a turnkey basis across locations in Gujarat and Karnataka. 

The contracts include supply and commissioning of 2 MW DFIG 113 meters rotor diameter Wind Turbine Generators (WTGs) as well as providing comprehensive operations and maintenance services for the lifetime of the project. 

The orders are expected to be commissioned by September 2021.

Recently, the firm had issued its financial results for the quarter ended December 31, 2020, reporting a higher revenue from the previous quarter and from the same quarter in 2019, however, the firms’ net loss also widened to Rs 51.97 crore from Rs 27.47 crore during the same quarter last year.

Inox Wind Reports Increased Losses Despite Higher Revenue in December Quarter

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According to a corporate filing, the firms’ total income rose to Rs 209.44 crore in the quarter ended December 2020 from Rs 179.76 crore a year ago. With revenue at Rs Rs 204 crore in Q3FY21 against revenue of Rs 171 crore in Q2FY21. 

Inox Wind Approves Allotment of Rs 199 Cr NCDs to Investors

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The firm also reported that during the quarter, it has raised Rs 199 crore by issuing Non-Convertible Debentures (NCDs) at 9.5 percent. The proceeds were utilised inter alia to optimise working capital and retire high-cost debt. It will improve the short-term fund availability of the company. On the front of raising equity, IWISL has already started allocating the equity against multiple EOIs (Expression of Interests) received by the company.

The firm had also reported that the execution of the Continuum project (250 MW) is in full swing and commissioning of turbines will take place progressively in the near future. The firm has also commissioned Renew Power‘s 18 MW project at Anjar, in Gujarat along with some small retail orders.