Inox Green Energy Services (IGESL), India’s leading wind power operations and maintenance (“O&M”) service provider, has signed a term sheet for divestment of 100% 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 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 paring debt on IGESL’s parent company Inox Wind’s consolidated balance sheet.
The transaction will consummate post customary regulatory and banking approvals, including Board and shareholders’ approvals.
S K Mathusudhana, CEO of IGESL, remarked ‘We are pleased to announce a significant milestone in the journey of IGESL. We had set ourselves a target to be net debt-free by the end of FY24 and with this
transaction we will achieve this goal. IGESL is on a massive growth journey with focus on continuously
improving its performance and profitability.’
ABOUT INOX GREEN:
Inox Green Energy Services Limited is one of the major wind power operations and maintenance (“O&M”) service providers within India with a fleet size of >3 GW. The Company is engaged in the
business of providing long-term O&M services for wind projects. It is a subsidiary of Inox Wind Limited
with whom it enjoys a synergistic relationship and is a part of the INOXGFL Group. It has a strong and
diverse existing portfolio base and an established track record. It has reliable cash flows supported by
long-term O&M contracts. Its customers include some of the largest IPPs, PSUs and various retail
customers.
