Chennai-based Refex Industries has partnered with Winvision Enterprises to form a joint venture focused on wind energy solutions. The joint venture will operate through Refex Green Energy (RGEL), a subsidiary of Refex Industries.

The joint venture aims to establish RGEL as a comprehensive wind energy solution provider, with activities including manufacturing and assembly of wind turbine generators and associated components.

Refex will hold a 75.5% stake in RGEL and Winvision, the remaining 24.5%.

Both partners plan to infuse a total of ₹1.39 billion (~$16.5 million) into RGEL, to be invested in one or more tranches.

An initial investment of ₹300 million (~$3.5 million) has been earmarked for the venture.

The move diversifies its portfolio and is expected to strengthen its position in the growing renewable energy market.

RGEL will manufacture major components such as nacelle assemblies, hub assemblies, and rotor blades, fabricate tubular towers and control equipment, and provide operation and maintenance services for wind turbine generators.

Recently, Refex Renewables announced a preferential issue of shares worth ₹9.28 billion (~$110.4 million). The preferential issue comprises equity shares of up to 8.65 million of equity shares worth ₹4.05 billion (~$48.2 million) to be issued to non-promoter category investors and warrants of up to 11.17 million of warrants worth ₹5.23 billion (~$62.2 million) to be issued to both promoter and non-promoter categories.

The company also won NTPC’s auction to set up 1,200 MW interstate transmission system -connected solar power projects.

Refex Renewables was recognized at Mercom’s 2024 Renewable Industry Awards for its 1 MW solar with 2 MWh battery energy storage system in Siachen’s challenging weather and terrain. The project was constructed under severe working conditions, with temperatures ranging from 10 degrees Celsius to -40 degrees Celsius and at an altitude of 11,713 feet.