MoU Details
Inox Wind Limited (IWL) has signed a Memorandum of Understanding (MoU) with Inox Clean Energy (Inox Clean) for the supply of 1,500 MW of wind turbines. The agreement involves supplying Inox Clean with IWL's advanced 3.3 MW and 4X MW wind turbines for renewable energy projects being developed across India.
Strategic Context
This MoU is part of the INOXGFL Group's recently launched transformative 'One Integrated' renewable strategy, aimed at creating a fully integrated renewable energy ecosystem spanning manufacturing, EPC, IPP and O&M services. The integrated strategy combines the strengths of Inox Clean Energy, Inox Renewable Solutions (IRSL), Inox Green Energy Services and Inox Wind to create a scalable renewable energy powerhouse.
Order Book Impact
With this new MoU, Inox Wind's order book increases from 3.1 GW to 4.5 GW, which the company states covers them for the next few years. This provides multi-year revenue visibility and creates a strong foundation for sustained growth.
Inox Clean's Growth Plans
Inox Clean has become one of the fastest renewable energy companies to achieve an operational portfolio of approximately 3.5 GW within the first two years of operations. The company plans to add over 3 GW of renewable capacity annually going forward and is targeting an operational renewable portfolio of 14 GW by FY29. Approximately 20-30% of these annual additions are expected to be wind capacity, translating into multi-year recurring order visibility for Inox Wind.
Management Commentary
Mr. Sanjeev Agarwal, CEO, Inox Wind Ltd. stated: "We are delighted to have signed this MoU with Inox Clean for the supply of 1,500 MW of advanced wind turbines. Inox Clean has ambitious plans to develop and deliver long-term clean energy solutions to its customers, and we are pleased to be a key partner in the Group's mission to accelerate India's energy transition, while also benefiting from a steady multi-year order inflow."
Mr. Bharat Saxena, CEO, Inox Clean Energy commented: "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."
Company Background
Inox Wind Limited is India's leading wind energy solutions provider servicing IPPs, Utilities, PSUs & Corporate investors. The company has five state-of-the-art manufacturing plants in Gujarat, Madhya Pradesh and Himachal Pradesh with manufacturing capacity of ~2.5 GW per annum.
Inox Clean Energy Limited operates across renewable IPP business under its subsidiary Inox Neo and solar manufacturing business under its subsidiary Inox Solar Limited. The company targets 10 GW of installed RE IPP capacity and 11 GW of integrated solar manufacturing capacity by FY28.
INOXGFL Group is a multi-billion-dollar Indian conglomerate with interests spanning across chemicals and renewables, with presence in over 75 countries across 5 continents.