Inox Wind up 3%; receives LoI from IGREL Renewables for 550 Mw wind project

Inox Wind's share price increased by 3.4% to ₹253.10 in intraday trading on the BSE, approaching its recent record high of ₹254.20 reached on September 16, 2024. The rise follows the company's receipt of a Letter of Intent (LoI) from IGREL Renewables Ltd for a 550 megawatt (MW) wind project.

Under the terms of the LoI, Inox Wind will handle the supply, installation, and commissioning of Wind Turbine Generators (WTGs), along with providing multi-year comprehensive operations and maintenance (O&M) services after the project’s completion. The project, set to be executed over the next 24 months, will span multiple sites across Gujarat, Rajasthan, and Madhya Pradesh.

This new 550 MW LoI adds to a previous firm order of 200 MW, bringing Inox Wind’s total order book to over 3.5 GW. The company's turnkey project execution capabilities are a significant advantage, with IGREL benefiting from Inox Wind's ready sites, developed evacuation infrastructure, and necessary approvals, which are expected to expedite project commissioning. Additionally, Inox Wind’s existing power evacuation infrastructure, currently used for wind projects, is available for hybridization, which could accelerate the commissioning of IGREL's solar projects.

BS