Published On:February 9 2015
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Inox Wind bags 166-MW contract from Green Infra.
Inox Wind has received a 166 MW contract from Green Infra, a company promoted by IDFC PE Fund, to set up projects in Gujarat, Madhya Pradesh and Rajasthan in the sector where the government has restored tax benefits to promote clean energy.
Inox Wind, part of the $2 billion (about Rs. 12,400 crore) Inox group that has interests in multixplexes, cryogenic technology refrigerants and industrial gases, is a subsidiary of Gujarat Fluorochemicals.
Under the contract, the company will develop and construct the projects on a turnkey basis, supply 83 units of 2 MW wind turbine generators and undertake long-term operations and maintenance, said Devansh Jain, director, Inox Wind. The projects are likely to be commissioned in phases by December.
While Jain did not divulge the total value of the order, according to market experts an investment of about Rs. 6 crore is required per megawatt of wind power. The government's thrust on renewable sector has boosted investor sentiment and attracted several companies to wind and solar power generation. Companies like Suzlon are counting on revival of the sector while the Adani group recently announced a $4 billion investment in the renewable energy sector along with US firm SunEdison, a leading player in photovoltaic equipment.
According to ratings agency ICRA, capacity addition in wind energy is likely to increase 10% to 2,200-2,300 MW during the current financial year.
Inox Wind also plans to expand operations and is in the process of setting up an integrated wind turbine manufacturing facility in Madhya Pradesh at an investment of about Rs. 250 crore, director of Inox Wind added.