Inox Green Energy Services Sells 100% Stake in 3 Arms to Adani Green Energy

Inox Green Energy Services sells entire stake in 3 arms to Adani Green Energy

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Monday, Inox Wind announced that its Inox Green Energy Service arm sold its entire equity stakes in three special-purpose vehicles to Adani Green Energy.

It stated in a BSE filing that “Inox Wind through its subsidiary arm Inox Green Energy Services Ltd (IGESL), has sold the entirety of its equity shareholding in Wind One Renergy Ltd. Wind Three Renergy Ltd. and Wind Five Renergy Ltd. to Adani Green Energy Ltd.”

These special purpose vehicles (SPVs), “commissioned 50MW each, of the total 250MW it had won under Tranche 1 of Solar Energy Corporation of India Ltd (SECI-1) bids to build wind power plants at Dayapar and Gujarat, connected on the central Grid …,”, it said.

IGESL will provide maintenance and long-term operations services for these projects.

Inox Wind, through its SPVs, had supplied and commissioned 25 units its 2MW Wind Turbine Generators. This was part of a 50 MW project.

Inox Wind had won 250MW in SECI Tranche 1 auction, at a fixed rate of Rs 3.46 per unit for 25 year for sale to PTC India.

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It also filed separate documents stating that IGESL had sold its 100 percent shareholding in three firms (projects), for a cash consideration equal to Rs 1 lakh each.

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