Inox Wind Limited (IWL) on Wednesday announced that it has received a Letter of Intent (LoI) from IGREL Renewables Ltd (IGREL) for execution of 550 MW wind capacity on turnkey basis. In a regulatory filing, the company said that it will supply, install and commission the Wind Turbine Generators (WTGs), and provide multi-year comprehensive operations & maintenance (O&M) services post commissioning, as part of the project.
The project, it added, will be executed over the next 24 months across multiple sites in Gujarat, Rajasthan and Madhya Pradesh. The 550 MW LoI is over and above the firm order of 200 MW received in the past, and takes IWL’s orderbook to >3.5 GW.
Kailash Tarachandani, Group CEO, Inox Wind, said, “This is yet another milestone for Inox Wind and puts our company on a firm footing to achieve our 2 GW annual execution vision, which we aim to accomplish in FY27 with our large orderbook. With robust sectoral tailwinds and IWL’s strong positioning having all the levers in place, we are primed to capitalize on the large opportunity in the sector over the next decade.”
In another announcement, the company said that IGREL Renewables has raised Rs 300 crore equity capital, eventually resulting in a single digit dilution. The capital raise witnessed participation by marquee investors, including Akash Bhansali, Rohit Kothari, and Madhusudan Kela, through their respective entities.
Earlier in July, Knox Wind had announced the completion of infusion of approximately Rs 900 crore into the company by its promoter Inox Wind Energy. The funds, it had added, were raised by IWEL on May 28 through sale of equity shares of Inox Wind through block deals on the stock exchanges. The funds was to be utilised by the company to completely pare down its external term debt to achieve a net debt free status.
From: financialexpress
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