Inox Wind’s New Venture Inox Solar To Bid For Govt Tenders

Inox Wind's New Venture Inox Solar To Bid For Govt Tenders

Indian wind energy company Inox Wind is optimistic about entering the Indian solar market with its new venture, Inox Solar. The solar arm of the firm plans to participate in hybrid tenders, allowing the group to establish such projects independently without external involvement.

The top management of the publicly listed company, in its latest investors’ call, informed investors about the firm’s plans.

“Our group’s latest venture into solar manufacturing through Inox Solar will create substantial synergistic benefits for Inox Wind. Along with Inox Solar, Inox Wind will also now bid for comprehensive hybrid contracts and become a unique player in India to offer such solution to customers. This will also open up additional revenue stream for our EPC arm, Inox Renewable Solutions and our O&M arm, Inox Green,” Kailash Tarachandani, Group CEO of Inox Wind, said.

Competitive tariffs for hybrid projects 

The firm stated that the average tariffs of wind-solar hybrid projects range from ₹3.2-₹3.3 per unit, whereas standalone wind project tariffs hover around ₹3.6 per unit, making hybrid projects more competitive.

“There are quite a few hybrid tenders coming up, and we will use definitely our solar might to participate in solar and wind bid both as such. So there is an increasing trend. Even in my talk, I said that increasing trend for hybrid and FDRE, and we will definitely take that advantage,” Tarachandani told investors.

Devansh Jain, Executive Director of the firm, emphasized that the solar business is in the private domain, but its integration is likely to strengthen the company’s overall operations.

“That’s got nothing to do with Inox Wind. What we’ve done though is that there are a lot of synergistic benefits for Inox Wind in EPC, in hybridization, in operations and maintenance as well as participating in many tenders, which earlier we were not because we would not tie up with some random company for solar,” Jain said.

Large Order Book

In the third quarter (Q3), the company reported 189 MW of project execution. Buoyed by its 3.3 GW order book, Inox Wind is hopeful of achieving its target of 800 MW execution by the end of FY25. The firm has also pinned its hopes on new manufacturing plans, which it believes will enhance its capacity to take on more orders and accelerate execution timelines.

“We will commission our nacelle manufacturing unit, operationalize our initial few cranes and commence our transformer manufacturing lines, all within quarter 4 FY ’25. We continue to aggressively build project infrastructure to support our ambitious execution plans, which we envisage will take speed from FY ’26 onwards,” Tarachandani said.

Additionally, the company plans to commercially begin production of its proposed large turbine in the 4 MW series.

“We are on track and we are working on 4 megawatts. And what we see possibly the commercial production will start more in the second half of, or possibly go towards more quarter 4 ’26. And in terms of execution time, see, there are pros and cons. Obviously, the blade is bigger. But if you focus larger sites, especially Rajasthan, Gujarat, there are many of those sites,” Tarachandani said.