Inox Green wins O&M mandate for 182 MW wind projects from top Indian conglomerate

The INOX GFL group company Inox Green Energy Services Ltd., India’s leading renewables operations and maintenance (“O&M”) service provider, has entered into an agreement with one of the largest and most diversified Indian conglomerates for the comprehensive O&M of 182 MW of operational wind projects housed under its renewable energy arm.

The contract involves the conversion of limited-scope O&M to comprehensive O&M for 82 MW and extension of comprehensive wind O&M for another 100 MW, much ahead of its renewal.

The company, in a statement, said the projects are located across multiple sites in Western India, plugged into the common infrastructure owned by Inox Green. The agreement involves the conversion of limited-scope to comprehensive O&M for 82 MW of wind projects, as well as the renewal of comprehensive O&M for another 100 MW of wind projects, much ahead of its due renewal. The contract spans the entire balance life of the wind projects, the company added.

This is a milestone occasion for INOX as with the signing of the agreement, the entire fleet of the marquee customer is now back in its fold, said S.K. Mathu Sudhana, CEO of Inox Green. "This showcases the changing dynamics in the wind O&M industry and the reaffirmation of the trust which our customers are showing on our renewed capabilities.”

INOX Green Energy Services is set to launch its three-day initial public offering (IPO) on November 11. The wind power operation and maintenance (O&M) service provider proposes to raise ₹740 crore via issue, which comprises a fresh issue and an offer for sale of ₹370 crore each. The shares of the company are expected to be listed on the domestic stock exchange – the BSE and the NSE - on November 23.

Formed in 2012, IGESL is engaged in the business of providing long-term O&M services for wind projects, specifically the provision of O&M services for wind turbine generators (WTGs) and the common infrastructure facilities such as pooling stations and transmission lines, which support power evacuation from such WTGs.

Recently, INOX Green Energy Services (IGESL) sold its entire 100% shareholding in three SPV - Wind One Renergy Ltd, Wind Three Renergy Ltd, and Wind Five Renergy Ltd to Adani Green Energy, a part of the Adani Group. Besides, it also offloaded equity shareholding in Wind Two Renergy Private Limited to Torrent Power Limited, a part of the Torrent Group. However, IGESL will continue to provide long term operations and maintenance services for these projects.