ReNew Power Places 38 MW Order with Inox Wind

Adding to its increasing portfolio of orders in the renewable energy space, Inox Wind has secured 38 MW order from ReNew Power Noida. This, according to company sources, will be developed at Anjar in Kutch district of Gujarat. The project from ReNew Power Ltd. is under the Solar Energy Corporation of India’s (SECI) second regime. It is scheduled to be commissioned by January 2020. The order comprises supplying 19 units of Inox Wind’s 2 MW 113 metre rotor diameter turbine combined with 92 metre hub height.

“The DF 113/92 model is specifically designed for low wind regime (low wind power density sites) typical of the Indian market,” the company said in a statement. ReNew Power is already an existing customer of Inox Wind with an installed capacity of 236 MW supplied by Inox Wind spread across multiple wind-rich states. India has set an ambitious target of having 175 GW of clean energy capacity by 2022, including 100 GW solar and 60 GW of wind energy. Inox Wind provides wind energy solutions to independent power producers, utilities, public sector units and corporate investors.

It has manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a total capacity of 1,600 MW per annum. In its financial report ending March 31, 2019, the company stated that it ended the financial year with consolidated revenues of Rs 1,437 crore as compared to Rs 480 crore in the previous year. “We have an EBITDA profit of Rs 156 crores as compared to an EBITDA loss of Rs 81 crore, cash profit of Rs 27 crore as against cash loss of Rs 133 crore and have a PAT loss of Rs 39 crore as compared to a PAT loss of Rs 185 crore in the previous year,” the company stated.

FY19 results reflect the beginning of sales under the auction regime post FY18 wherein there was a virtual shutdown of operations due to the transition from feed-in-tariff regime to the auction regime. “With the readiness of central grid finally in April 2019, after a delay of over 15 months, Inox Wind is poised to commission SECI 1 project in the next couple of weeks in Dayapar, Gujarat. Our common infrastructure at Dayapar will enable us to commission over 600 MW on the same infrastructure. Accordingly, execution of orders beyond SECI 1 will virtually be plug-and-play,” the company had then stated.

During the year, Inox Wind achieved a significant milestone by entering into a technology agreement to launch the next generation 3.3 MW wind turbine with 146 rotor diameter – this will probably be the largest rotor diameter available in the country and will set new benchmarks in the Indian wind Industry. The 3.3 MW wind turbine platform will further reduce levelised cost of electricity (LCoE), thereby supporting the government’s vision of a larger footprint for green energy.

During the year, the company received a letter of intent (LOI) from Adani Green Energy to supply, erect and commission 501.6 MW based on its next generation 3.3 MW turbine. “We have also entered into an agreement with a leading MNC IPP who is our existing customer for an initial supply of 23.1 MW on the 3.3 MW platform wind turbine,” the statement added. Devansh Jain, Executive Director, Inox Wind, said, “There is a significant year-on-year turnaround in topline, EBITDA margins and cash profits on the back of SECI 1 supplies and execution despite an over 15-month delay in the central grid readiness.”

“With the common infrastructure in Gujarat virtually in place, the execution of our SECI 1 projects is in full swing and we are well-poised to commission this in the coming quarter. Building on our order book of our newly launched 3.3 MW platform, we have also received an initial order from our existing customer who is a leading MNC IPP for the supply of equipments for 23.1 MW,” he added.