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Inox Green Energy Services, a subsidiary of Inox Wind, has announced the sale of 3 Special Purpose Vehicles (SPVs) to an Adani group company.
Inox Green Energy Services Ltd. (IGESL) is a subsidiary of Inox Wind Limited and a part of the specialty chemicals & renewables INOXGFL Group. It was established in May 2012 as Inox Wind Infrastructure Limited and renamed IGESL in October 2021. It provides a wide range of services connected to the prime functioning of wind farms and the associated power evacuation infrastructure.
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The entire shareholding in the 3 companies: Wind One Renergy Ltd, Wind Three Renergy Ltd, and Wind Five Renergy Ltd, have been transferred to Adani group's green energy arm, Adani Green Energy Limited. The three SPVs had a combined turnover of ₹121 crores in FY22 (WORL ₹42.3 cr, WTRL ₹42.2 cr, and WFRL ₹36.5 cr).
"The company's subsidiary, Inox Green Energy Services Ltd (IGESL), has sold its entire 100% shareholding in WORL, WTRL and WFRL at a cash consideration of ₹1.00 Lakh each," Inox Wind said in a filing.
These SPVs had commissioned 50 MW each out of the 250 MW capacity that Inox Wind had won under the Tranche 1 of the Solar Energy Corporation of India Limited’s (SECI) bids for wind power projects in Gujarat.
After this deal, these 3 companies ceased to be subsidiaries of IGESL w.e.f. October 7th, 2022. These companies were sold at a cash consideration of Rs 1 lakh each. However, IGESL shall provide long-term operations and maintenance services for these projects after the deal.
Shares of Inox Wind fell over 2% during the day as it currently trades around Rs 152.65 per share.
Article by Aman Agarwal.
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