Inox Wind Energy has signed an agreement with a consortium of banks led by ICICI Bank for a financing facility of ₹22 billion (~$263.54 million).

The consortium comprises ten banks and several marquee private and foreign banks.

The limit will likely be enhanced to ~₹24 billion (~$287.49 million) as per the ICICI Bank’s working capital assessment.

The limits extended are largely non-fund-based bank guarantees and letters of credit.

The limits have been sanctioned based on the financial strength of Inox Wind’s balance sheet without the requirement of any corporate guarantees or any other support from the parent company, Gujarat Fluorochemicals (GFL). With this arrangement, any prior corporate guarantees or other such support extended to Inox Wind by GFL stands vacated/to be vacated soon.

Recently, IGREL Renewables, a renewable power generation platform of the INOXGFL Group, raised ₹3 billion (~$35.8 million) in equity capital from prominent investors. The capital infusion was intended to support IGREL Renewables’ expansion of its renewable energy portfolio.

The engineering, procurement, and construction wing of Inox Wind raised ₹3.5 billion (~$41.68 million) through an equity investment from prominent investors. In exchange for the funds, RESCO issued securities to the participating investors, which included Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments & Infrastructure, and Capri Global Holdings.

In May, Inox Wind Energy raised around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind via block deals on the stock exchanges. The funds raised are proposed to be infused into Inox Wind to reduce debt and augment the company’s working capital to strengthen its balance sheet.