Inox Wind has signed what it claims is India’s biggest ever single turbine agreement at 1.5GW, sending its share price to a record high.
The OEM struck a framework supply agreement with utility CESC for delivery and installation of the capacity over the next three to four years, it said in a stock exchange update.
“This is by far the single largest wind project order signed by an OEM in India,” it claimed.
The agreement covers delivery of Inox’s 3.3MW turbines, plus turnkey installation of 1GW and “limited scope EPC” for another 500MW.
Kailash Tarachandani, CEO of Inox Wind, said: “This agreement is a testament of Inox Wind’s strengths and project delivery capabilities and has been signed at an opportune time as the company strategizes towards delivering gigawatt-plus scale annual execution over the next few years.”
Inox Wind in late January announced that its 3MW model was added to the list of turbines approved by India’s Ministry of New and Renewable Energy. The company also this week announced the launch of a 4MW turbine range.
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Inox is not the only wind OEM to claim record-sized deals in India.
Like fellow domestic OEM contender Suzlon and a clutch of foreign giants – western and Chinese – Inox is hoping to capitalise on the boom in Indian wind power as the nation pursues some of the world’s most ambitious renewable energy targets.
China’s Envision Energy in 2022 said it would expand production to fulfil 2GW of supply agreements with an unnamed customer.
Inox Wind’s shares have soared by almost 500% over the last year and ticked up almost 3% further in early trading in Mumbai today to reach a record high 559.7 rupees.