Inox Wind’s EPC Arm Resco Global To Raise 350cr Equity

Indian wind energy company Inox Wind Limited (IWL) today announced that the board of its subsidiary, Resco Global Wind Services Pvt. Ltd. (Resco Global), an EPC Projects company, has approved Rs 350 crore equity raise from marquee investors for a single digit stake. The funds will be utilized to scale up the business offerings and capitalize on the large-scale opportunities in the Indian wind sector.

The company said that Resco Global is amongst the top two wind EPC service providers in India with a strong operational track record of more than 14 years. The company offers end-to-end services for wind projects right from conceptualization stage up to project commissioning, as well as the construction of transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis. Resco Global provides its services across India with a very strong presence in Western India. It is developing common infrastructure on multi-gigawatt scale at sites across the country, to be utilized for future renewable projects.

Expanding offerings under EPC, the company is venturing into crane services and unlocking new revenue streams through hybridization of its power evacuation assets. The latest renewable energy policies of multiple states allow hybridization of existing as well as future transmission assets, providing incremental revenues to asset owners including Resco Global. Inox Wind’s large and well diversified orderbook of ~ 3 GW, with a healthy order inflow pipeline, provides strong revenue visibility for Resco Global, Inox Wind said.

Scaling up executions 

Commenting on the occasion, Devansh Jain, Executive Director, INOXGFL Group, remarked, “With Inox Wind successfully turning around, we have been constantly looking to add value across all our businesses, capitalizing on the superlative opportunities which India’s exciting wind sector beholds. The well-timed fund raising in Resco Global will help the company expedite its execution scale up and expand offerings. We believe that this is another major step towards ensuring that all our companies are well positioned to deliver superlative growth going ahead. We thank all our investors for their faith and commitment in our growth story.”

Kailash Tarachandani, Group CEO, Inox Wind (Resco Global’s parent company), said, “Resco Global has a strong moat with large scale plug-and-play project site infrastructure offerings for developers, which reduces turnkey execution timelines. Given India’s large renewable capacity targets, we believe that there will be huge traction in demand for wind EPC projects over the next several years for Resco Global, which has strong credentials in developing large scale wind projects, which require specialised engineering and project management skills. The fund raising has been done at an opportune time as Resco Global is substantially ramping up execution and taking new orders.”

IWL is a fully integrated player in the wind energy market with four state-of-the-art manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh, where Blades, Tubular Towers, as well as Hubs & Nacelles are manufactured. With its state-of-the-art 3 MW series WTG offering, IWL’s manufacturing capacity stands at ~ 2.5 GW per annum.