INOX Wind Limited (IWL) has signed a Memorandum of Understanding (MoU) with its group entity, Inox Clean Energy, for the supply of 1,500 MW of advanced wind turbines. This agreement is a key part of the INOXGFL Group’s ‘One Integrated’ renewable strategy. The MoU provides IWL with multi-year revenue visibility and supports Inox Clean’s ambitious growth plans in the renewable energy sector, targeting a 14 GW portfolio by FY29.
INOX Wind and Inox Clean Energy Forge Strategic Partnership
INOX Wind Limited (IWL), a leading wind energy solutions provider in India, announced today the signing of a significant Memorandum of Understanding (MoU) with Inox Clean Energy. This strategic agreement outlines the supply of 1,500 MW of advanced wind turbines from IWL to Inox Clean. The deal is poised to reinforce the INOXGFL Group’s ‘One Integrated’ renewable strategy and offers considerable multi-year revenue visibility for IWL.
Driving Integrated Renewable Energy Strategy
The MoU facilitates the supply of IWL’s 3.3 MW and 4X MW wind turbines for renewable energy projects developed by Inox Clean across India. This collaboration is designed to enhance execution and revenue generation within the INOXGFL Group, fostering a virtuous cycle of internal synergy. The ‘One Integrated’ strategy aims to create a comprehensive renewable energy ecosystem, encompassing manufacturing, EPC, IPP, and O&M services.
Strengthening Growth and Market Position
Inox Clean Energy, the group’s renewable IPP and solar manufacturing arm, is rapidly expanding its operational portfolio, with plans to add over 3 GW of renewable capacity annually. The company aims for a 14 GW operational renewable portfolio by FY29, with approximately 20%-30% of these additions expected to be wind. This translates into sustained order visibility for INOX Wind.
Executive Commentary
Mr. Sanjeev Agarwal, CEO of INOX Wind Ltd., expressed delight over the MoU, stating, “We are delighted to have signed this MoU with Inox Clean for the supply of 1,500 MW of advanced wind turbines. … We have a robust order book of 3.1 GW and, with this new MoU, our order book crosses 4.5 GW, which covers us for the next few years.”
Mr. Bharat Saxena, CEO of Inox Clean Energy, highlighted the MoU’s significance, stating, “This MoU represents a significant milestone in the execution of the INOXGFL Group’s ‘One Integrated’ renewable strategy. … The partnership with Inox Wind will enable faster project execution, greater supply chain certainty and improved capital efficiency as we continue to scale one of India’s fastest-growing renewable energy platforms.”
About INOX Wind
INOX Wind Limited (IWL) is a leading wind energy solutions provider in India, offering end-to-end solutions from manufacturing to commissioning and O&M. The company operates five state-of-the-art manufacturing plants and has a manufacturing capacity of approximately 2.5 GW per annum. IWL’s subsidiaries provide O&M services and EPC solutions for wind projects.
About Inox Clean Energy
Inox Clean, as the integrated renewable energy platform of the INOXGFL Group, operates its renewable IPP business and solar manufacturing. It targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28, with significant expansion plans across India and globally.
About INOXGFL Group
INOXGFL Group is a multi-billion-dollar Indian conglomerate with a legacy of over 90 years, focusing on chemicals and renewables. The Group comprises several listed entities, including Gujarat Fluorochemicals Limited (GFL), INOX Wind Limited (IWL), and Inox Green Energy Services Limited (IGESL).
Source: BSE
