Inox Green signs term sheet to divest 100% stake in Nani Virani SPV
Inox Green Energy Services (IGESL), a wind power operations and maintenance service provider, on Monday announced that it has signed a term sheet for divestment of 100 per cent stake in Nani Virani Wind Energy Private Limited SPV. The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May’23, the company said in a regulatory filing.
“The divestment is part of the strategic decision taken by the company to become net debt-free, further enabling IGESL to become an asset-light annuity O&M business. Consequently, this will also aid in paying debt on IGESL’s parent company Inox Wind’s consolidated balance sheet,” it said.
