INOX Wind Hopes To Power Growth With Its 3MW Wind Turbines

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Wind Turbine Manufacturer INOX Wind is now harping on its latest addition of production of 3 MW of wind turbines for increased revenues. The top management of the firm in its latest investors call talked in detail about the transition and the expected returns out of this. As per the management, the transition and the order book, the wind energy company could soon execute orders on Gigawatt (GW) levels. 

The firm currently has aimed to execute an order book of 800 MW in FY25 and is buoyed by the rise in tenders for wind projects, and hybrid projects and the vision for more growth of the sector in the coming years. The firm expected that from next year the firm might be able to execute orders upto 1200 MW. 

“In FY ’24, over 50 gigawatts of renewable capacity was awarded through auctions, including over 15 gigawatts of hybrid RTC/FDRE project and 2.3 gigawatts of plain vanilla wind, resulting in over 10 gigawatts of wind capacity alone to be set up. The macro tailwinds are reflected in the strong order book, which stands at 2.7 gigawatts today,” the firm said. He also added that the firm is geared up for gigawatt-scale annual execution and is taking further actions to ready itself for 2 gigawatts of annual execution in the medium term.

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The company started the production of 3 MW of wind turbines in December last year and it was ramped up in the Q4 if FY24. “We had guided to become profitable during FY ’24, and we have achieved this feat in quarter 3 itself. Further, quarter 4 has been even a better quarter for us with the ramp-up of the manufacturing of 3-megawatt wind turbine,” Kailash Tarachandani, CEO of INOX Wind told its investors in the latest investors call.

The firm also said that the transition would not have a major financial impact. “So as we are transitioning from the 2-megawatt product to a 3-megawatt product, on a conservative result, we have taken an additional provision of INR200-odd crores in our books of accounts. But as such, we are very — that is a non-cash item, and that would — doesn’t have any impact on our cash position,” Rahul Roongta, Chief Financial Officer of the firm said.

Not only 3MW wind turbines, the firm would soon also launch its 4MW wind turbines and had got the approvals accordingly. “We have also secured the license of 4.X megawatt wind turbine platform. The 4.X wind turbine — the megawatt wind turbine with a large rotor diameter will be a revolutionary product in India. Further improving energy yield, reducing levelized cost of energy and offering superior performance to harness low wind sites optimally, thereby setting new benchmarks in the Indian wind industry, “ the CEO said.  

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‘The company also told its investors that it had a healthy order book of 2.7 GW. The orders ranged from PSUs, IPPs, the C&I market and the retail market. “We are seeing very strong demand from all customer segments, are in the advanced stages of discussion with various customers, both existing and new for future orders. We have a healthy mix of turnkey and equipment supply orders. We have also secured a 210-megawatt order from Hero Future Energies. This is a significant win as this is a repeat order from a large marquee C&I player,” the CEO added.

The Wind Energy Market in India 

With the entry of Inox Wind with its 3MW of wind turbine in the Indian market, it is now likely to compete with the wind turbine behemoth Suzlon which already is getting repeated orders for its 3MW wind turbines for several wind energy projects in India. Adani Green has also got adequate approvals from the Ministry of New and Renewable Energy (MNRE) for its 5MW wind turbines.

In the coming days, with the repowering of wind projects in hand and the new tenders on the site and bolstered wind turbine capacities inside India, the wind energy sector seems to have better days ahead as the strong power wind turbines are set to generate more clean power within limited space.