Wind energy solutions provider Inox Wind on Tuesday said that it has bagged an order for a 150 MW wind power project from NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Green Energy Limited (a renewable energy business vertical under NTPC). The project will be executed in Gujarat and with this, the total orders from NTPC to Inox Wind stands at 550 MW, till date, the company said in a regulatory filing.
Kailash Tarachandani, CEO, Inox Wind, expressed his gratitude towards NTPC REL for the project and also expressed the company’s aspiration to cultivate a long-term partnership with NTPC, while working towards helping them realize their renewable energy goals.
As part of the order, Inox Wind will supply and install existing and new technology Wind Turbine Generators. It will also be responsible for operation and maintenance (O&M) services for the project. The addition will contribute to the expansion of Inox Wind’s O&M fleet, enhancing overall profitability, said Kailash Tarachandani.
India has set a target for installing 175 GW of renewable energy capacity by the year 2022 and 450 GW by 2030 and to support the objective, the government has launched initiatives like ‘Atma Nirbhar Bharat Abhiyan’. Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. Inox Wind’s manufacturing capacity stands at 1,600 MW per annum.
The company posted its fiscal fourth quarter earnings earlier this month. It posted a loss of Rs 117.51 crore for the fourth quarter of the financial year ended March 2023. The company’s revenue from operations stood at Rs 192.77 crore, up 40.3 per cent in comparison to Rs 137.40 crore in the same quarter previous year. It said that the large order book with execution picking pace provided strong revenue visibility, while adding that operations at Inox Wind are in full swing and “significant ramp up in execution from forthcoming quarter will get reflected in financial numbers going forward”. “There is a significant decline in finance costs by Rs 25 crore for the quarter. Going forward we expect a run rate of sub Rs 45 crore in Q1FY24 which will keep reducing in subsequent quarters,” it said.
