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					</table><p>Wind energy solutions provider Inox Wind (<a href="https://www.iwel.co.in/" target="_blank" rel="noopener">IWL</a>) reported a profit of ₹900 million (~$10.7 million) in the second quarter (Q2) of the financial year (FY) 2024-25, up from a loss of ₹270 million (~$3.21 million) in Q2 FY24.</p>
<p>The company saw the most robust Q2 financial performance in eight years.</p>
<p>The company’s revenue grew 93% year-over-year (YoY) to ₹7.42 billion (~$88.24 million) in Q2 FY25 from ₹3.84 billion (~$45.66 million).</p>
<p>The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 171% YoY to ₹1.89 billion (~$22.47 million) in Q2 FY25 from ₹700 million (~$8.32 million).</p>
<p>The company’s wind installations increased by 82% YoY to 140 MW in Q2 FY25 from 77 MW.</p>
<p><strong>1H results</strong></p>
<p>In the first half of FY25, the company reported a rise in income to ₹13.92 billion (~$165.54 million) from ₹7.29 billion (~$86.69 million) in the same period the previous year.</p>
<p>Its net profit climbed to ₹1.37 billion (~$16.29 million) from a loss of ₹923.8 million (~$10.98 million) in FY24 .</p>
<p>The company’s EBITDA jumped to ₹3.46 billion (~$41.14 million) from ₹1.05 billion (~$12.48 million) in FY24.</p>
<p>The company’s order book increased 161% YoY to ~ 3.3 GW and comprises a mix of PSU, IPP, C&amp;I, and retail customers.</p>
<p><img loading="lazy" decoding="async" class=" wp-image-72091 aligncenter" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart-300x107.png" alt="" width="796" height="284" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart-300x107.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart-768x274.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart-650x232.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart-624x223.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart-600x214.png 600w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/10/INOX-chart.png 1168w" sizes="(max-width: 796px) 100vw, 796px" /></p>
<p>In 1H FY25, IWL secured orders totaling ~ 1.2 GW across multiple customers and is negotiating for multiple additional orders as it targets 2 GW of execution in FY27.</p>
<p>The company’s subsidiary, Resco Global <a href="https://mercomindia.com/inox-epc-equity-sale" target="_blank" rel="noopener">raised</a> ₹3.5 billion (~$41.62 million) in equity capital from marquee investors. Expanding beyond EPC, the company is purchasing cranes for captive and third-party requirements.</p>
<p>Inox Wind <a href="https://mercomindia.com/inox-wind-secures-%E2%82%B922-billion-financing-from-icici-bank-led-consortium" target="_blank" rel="noopener">signed</a> a consortium agreement with banks for ₹22 billion (~$261.64 million) facilities, largely non-fund based (bank guarantees and letters of credit), sanctioned on the financial strength of its balance sheet without any group support.</p>
<p>In September 2024, IGREL Renewables, a renewable power generation platform of the INOXGFL Group, <a href="https://www.mercomindia.com/inox-groups-renewables-equity-investment" target="_blank" rel="noopener">raised</a> ₹3 billion (~$35.8 million) in equity capital from prominent investors.</p>
<p>In May 2024, IWL <a href="https://www.mercomindia.com/inox-wind-raises-9-billion-reduce-debt" target="_blank" rel="noopener">raised</a> around ₹9 billion (~$108.05 million) through the sale of equity shares of Inox Wind via block deals on the stock exchanges.</p>


Inox Wind’s Q2 FY 2025 Financial Performance Best in Eight Years


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					</table><p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>The Andhra Pradesh Electricity Regulatory Commission has adopted the Green Energy Open Access, Charges, and Banking Regulations, 2024.</strong></a> The regulations apply to granting open access for electricity generated from renewable energy sources for utilization within the state involving Intra-State Transmission Systems and/or distribution systems of licensed entities. In October, APERC issued the preliminary draft of the regulations and invited stakeholders’ opinions.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>Independent power producer AMPIN Energy Transition has secured funding of up to $35 million from responsAbility, an investor focusing on private markets</strong></a>, to help AMPIN expand its clean energy projects across India. The investment is part of responsAbility’s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will. This aligns with the responsAbility’s investor goal of funding solutions that benefit both society and the environment in developing countries.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>Mahatma Phule Renewable Energy &amp; Infrastructure Technology (</strong><strong>MAHAPREIT</strong><strong>) has invited bids to empanel agencies to verify land titles and measure land</strong></a> parcels spanning 10,000 acres to develop 2,500 MW solar power projects in Maharashtra. MAHAPREIT is involved in various projects, such as green hydrogen, bio CNG plants, and EV charging stations. Consequently, suitable land parcels will be necessary to execute these projects.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>Kerala State Electronics Development Corporation has invited bids for a two-year comprehensive annual maintenance contract</strong></a> for a 1 MW solar power project at Ramakkalmedu, Idukki. The last date for submitting bids is May 14, 2024. Bids will be opened on May 16. Bidders must pay a tender document fee of ₹3,626 ($43) and an earnest money deposit of ₹24,170 ($289.46). The successful bidder is required to provide a performance bank guarantee equivalent to 5% of the contract amount.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>Wind energy solutions provider </strong><strong>Inox Wind</strong><strong> reported a profit after tax of ₹376.7 million (~$4.51 million) for the fourth quarter of the financial year 2024</strong></a> from a loss of ₹1.15 billion (~$13.77 million) in the same quarter of the previous year. The company’s quarterly income reached ₹5.63 billion (~$67.43 million), a 190% increase year-over-year (YoY). The company executed 129 MW of projects during the quarter, an increase of 148% YoY from 52 MW.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>Sunnova Energy’s net loss for the quarter ending March 31, 2024, stood at $90.1 million, recording a year-over-year improvement of 18.3% compared</strong></a> to a net loss of $110.3 million. The decline in net loss was primarily due to income tax benefits from investment tax credit sales, augmented interest income resulting from a larger customer loan portfolio, and increased other operating income driven by fluctuations in the fair value of certain financial instruments and contingent consideration.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-energy-access-rules-2024" target="_blank" rel="noopener"><strong>In a first for the sector, four China-based wind turbine original equipment manufacturers have made it to the global top five rankings, according to a recent</strong></a> analysis by Wood Mackenzie. China accounted for nearly 65% of the global wind generation capacity in 2023. China-headquartered wind turbine maker Goldwind assumed the leading position for the second consecutive year with a record capacity of 16.3 GW. According to the report, the top five OEMs accounted for 54% of the global wind markets.</p>


Daily News Wrap-Up: Andhra Pradesh Green Energy Access Rules 2024


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					</table><p>Inox Green Energy Services (<a href="https://inoxgreen.com/" target="_blank" rel="noopener">IGESL</a>), an Inox Wind subsidiary, has signed a term sheet to divest its 100% stake in Nani Virani Wind Energy, a special purpose vehicle operating a 50 MW wind farm in Gujarat, aiming to cut its debt and enhance profitability.</p>
<p>The divestment, amounting to ₹3 billion (~$36 million) that IGESL had borrowed to develop the Nani Virani wind project, is expected to help IGESL transition to an asset-light operation and maintenance business.</p>
<p>The transaction is contingent on securing regulatory and banking approvals.</p>
<p>Kailash Tarachandani, CEO of Inox Wind, while emphasizing mutual benefits for both companies, said, “We remain focused and committed to strengthening Inox Wind’s performance on all fronts and improving our profitability as we proceed on our exciting journey ahead.”IGESL’s subsidiary, I-Fox Windtechnik India, recently <a href="https://www.mercomindia.com/inox-green-energy-bags-om-wind-project-portfolio" target="_blank" rel="noopener">clinched</a> a five-year, ₹400 million (~$4.8 million) O&amp;M contract for NLC India&#8217;s 51 MW wind turbine generators in Tamil Nadu, marking a milestone on the company’s journey towards achieving a 6 GW wind turbine generator (WTG) operation and maintenance portfolio by financial year 2025-26.</p>
<p>Inox Wind, under the INOXGFL Group, focuses on renewable energy and chemicals. With projects in several Indian states, it has a renewable energy capacity of 1,600 MW. The company also has four WTG manufacturing facilities in Gujarat, Himachal Pradesh, and Madhya Pradesh.</p>
<p>The company continues its divestment efforts, signaling a shift towards future renewable energy investments, mainly in the renewable energy sector&#8217;s O&amp;M services.</p>
<p>In August,  Inox Wind’s financial strength was <a href="https://www.mercomindia.com/inox-wind-raises-%e2%82%b95-billion-through-share-sale-free" target="_blank" rel="noopener">reinforced</a> with a ₹5 billion ($60 million) investment from its main promoter and group entities, contributing to its debt reduction strategy, which already lowered liabilities by settling ₹1.61 billion ($19.56 million) and ₹2.5 billion ($30.37 million) in loans. This has reduced the company&#8217;s interest-bearing liabilities to over ₹11 billion ($132.7 million) in Q3 FY 2023.</p>


Inox Green to Divest its Full Stake in Nani Virani Wind Energy SPV


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					</table><p><a href="https://www.inoxwind.com/" target="_blank" rel="noopener">Inox Wind</a> and its subsidiary <a href="https://www.inoxgreen.com/" target="_blank" rel="noopener">Inox Green Energy Services</a> repaid debts of ₹1.61 billion (~$19.73 million) and ₹2.5 billion (~$30.63 million), respectively, as part of the strategic initiative to deleverage their balance sheets.</p>
<p>As a result, corporate guarantees given by <a href="https://www.gfl.co.in/Inox_Group.php" target="_blank" rel="noopener">Gujarat Fluorochemicals</a>, Inox’s parent company, have been reduced to that extent, the company said in its BSE (Bombay Stock Exchange) filing.</p>
<p>Both companies are in the process of further reducing their debt. Inox’s stated near-term goal is to deleverage all its operating entities, and this repayment is considered a significant step toward achieving that goal.</p>
<p>Inox Green’s shares were listed on the BSE and National Stock Exchange of India on November 23. The company’s IPO comprised of fresh issuance of equity shares worth ₹3.7 billion (~$45.47 million) and an offer-for-sale of ₹3.7 billion (~$45.47 million) Inox Wind equity shares.</p>
<p>Inox Green’s board had approved the allotment of 113,846,152 equity shares at an offer price of ₹65 (~$0.80) per equity share, including a share premium of ₹55 (~$0.68) per share. Of this, 56,923,076 equity shares have been allotted under the fresh issue portion of the offer.</p>
<p>Inox Green was initially incorporated as a public limited company in May 2012 as Inox Wind Infrastructure Services. The name was changed to Inox Green Energy Services in October 2021.</p>
<p>In September this year, Inox Wind <a href="https://mercomindia.com/daily-news-wrap-up-kp-energy-wind-projects/" target="_blank" rel="noopener">received</a> approval to raise funds of ₹8 billion (~$98.06 million) by issuing 0.01% non-convertible non-cumulative participating redeemable preference shares of the face value of ₹10 (~$0.12) each.</p>
<p>Inox Green Energy’s subsidiary Wind Two Renergy was recently <a href="https://mercomindia.com/torrent-power-acquires-50-mw-wind-inox-green/" target="_blank" rel="noopener">acquired</a> by Torrent Power for ₹325.1 million (~$4.09 million). Torrent Power had acquired 32.51 million equity shares of Wind Two Renergy, which had previously executed a 50 MW wind power project at Dayapar village in the Kutch district of Gujarat.</p>


Inox Wind, Inox Green Energy Repay ₹4.11 Billion in Debts


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					</table><p><a href="https://igesl.co.in/index.php" target="_blank" rel="noopener">Inox Green Energy Services</a>, a subsidiary of Inox Wind, filed a fresh application to raise ₹7.4 billion (~$94.75 million) through an initial public offering (IPO). According to the Draft Red Herring Prospectus, the IPO comprises fresh issuance of equity shares worth ₹3.7 billion (~$47.37 million) and an offer-for-sale of equity stocks aggregating to ₹3.7 billion (~$47.37 million) by the promoter Inox Wind.</p>
<p>The face value of the equity shares is ₹10 each (~$0.13). The equity shares offered are proposed to be listed on Bombay and National Stock Exchange. The company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.</p>
<p>Inox filed the Draft Red Herring Prospectus for the IPO on February 7, 2022, with the Securities and Exchange Board of India (SEBI). However, the draft IPO documents were withdrawn on April 28.</p>
<p>The book-running lead managers are Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets &amp; Securities, and Systematix Corporate Services.</p>
<p>In May, Inox Wind announced that its board had <a href="https://mercomindia.com/daily-news-wrap-up-inox-wind-subsidiary-ipo/" target="_blank" rel="noopener">approved</a> the proposal of its subsidiary Inox Green Energy Services to raise funds through an IPO. The Board of Directors also approved participation in the proposed offer for the sale of equity shares aggregating up to ₹4 billion (~$51.85 million).</p>
<p>Inox Green Energy Services was initially incorporated as a public limited company in May 2012 as Inox Wind Infrastructure Services. The name was changed to Inox Green Energy Services from October 2021.</p>
<p>The company is a subsidiary of Inox Wind. It is a part of the Inox Group, which has stakes in various businesses, including industrial gases, engineering plastics, refrigerants, chemicals, carbon credits, cryogenic engineering, and renewable energy. The company is engaged in the operation and maintenance of wind turbine generators.</p>
<p>In November 2021, Inox Wind <a href="https://mercomindia.com/daily-news-wrap-up-inox-wind-turbines-ntpc/" target="_blank" rel="noopener">bagged</a> a 150 MW order from NTPC Renewable Energy to supply wind turbine generators. Inox Wind was to supply and install DF 113/92 – 2.0 MW wind turbine generators with 113 meters rotor diameter and 92 meters hub height. The project is scheduled to be commissioned by April 2023.</p>


Inox Green Energy Files Fresh Draft Papers for ₹7.4 Billion IPO

<p>The Kerala State Electricity Regulatory Commission (<a href="http://www.erckerala.org/" target="_blank" rel="noopener noreferrer">KSERC</a>) has directed <a href="http://www.inoxrenewables.com/" target="_blank" rel="noopener noreferrer">INOX Renewables Limited</a>, the Kerala State Electricity Board Limited (<a href="http://www.kseb.in/index.php?lang=en" target="_blank" rel="noopener noreferrer">KSEB</a>), and Damodar Jagannath Malpani to enter into a tripartite power purchase agreement (PPA) for a 16 MW wind energy project.</p>
<p>The PPA is for the sale of electricity from the 16 MW wind energy project commissioned at the Kinfra Textile Park at Palakkad. The Commission has asked the tripartite PPA to be submitted before the Commission for approval. The Commission has also asked to register the power of attorney given by INOX to Damodar Jagannath Malpani for the project.</p>
<p><strong>Background</strong></p>
<p>In April 2019, Damodar Jagannath Malpani had filed a petition for the approval of the PPA to be signed with KSEB.</p>
<p>D J Malpani was not a party to the original petition filed by INOX for the approval of the tariff.  So, the Commission asked the original petitioner to file a separate petition for the approval of the PPA instead of filing a petition through a third party.”</p>
<p>The Commission further clarified that any person authorized by the petitioner INOX could sign the PPA with KSEB.</p>
<p>In response, INOX filed a petition before the Commission for the approval of the PPA, but INOX later reported that D J Malpani made the entire investment in the project.</p>
<p>KSEB presented that it had initiated the PPA with D J Malpani for the purchase of the electricity generated from the 16 MW wind power project at the tariff approved by the Commission.</p>
<p>The Commission noted that as per the power of attorney, the role of the D J Malpani is limited to an investor to receive payments for the energy injected from the project into the grid. Accordingly, D J Malpani is authorized to sign the PPA with KSEB.</p>
<p>The Commission stated that an unregistered power of attorney is legally not enforceable. In the present case, D J Malpani is claimed to be the investor, and INOX Renewables has given it the right to sign the PPA and get the payment of electricity injected into the grid. The authority granted to D J Malpani by INOX through is legally enforceable only if a power of attorney is registered as per the provisions of the Registration Act, 1908.</p>
<p>The Commission further noted that a tripartite power purchase agreement (PPA) should be signed between INOX, D J Malpani, and KSEB, specifying the role and responsibilities of each entity separately to avoid disputes and litigations.</p>
<p>The Commission also said that in the present case, the investor, D J Malpani had invested in the project in the form of equity. INOX does not have equity infusion, and so cannot claim the reimbursement of the income paid on return on equity from KSEB.</p>
<p>Since the tariff of the project was determined for 25 years, the Commission added that the PPA for purchasing electricity from the project would be valid for 25 years from the commercial operation date (CoD).</p>
<p>Recently, the KSEB gave in-principle <a href="https://mercomindia.com/kerala-floating-solar-wind-projects/" target="_blank" rel="noopener noreferrer">approval</a> to install 72 MW of wind power projects in Palakkad district by the National Hydroelectric Power Corporation (<a href="http://www.nhpcindia.com/home.aspx" target="_blank" rel="noopener noreferrer">NHPC</a>) besides 50 MW of floating solar.</p>
<p>A few months ago, Kerala State Electricity Regulatory Commission (<a href="http://erckerala.org/" target="_blank" rel="noopener noreferrer">KSERC</a>) approved a tariff of ₹2.83 (~$0.04)/kWh to procure 200 MW of wind power. While the tariff of ₹2.83 (~$0.04)/kWh would be applicable from the scheduled commissioning to the commissioning of the cumulative capacity, a pooled tariff of ₹2.82 (~$0.04)/kWh will be applicable from the full commissioning to the term of the agreement. The power sale agreement (PSA) was signed between the Karnataka State Electricity Board (KSEB) and Solar Electricity Commission of India (<a href="https://seci.co.in/" target="_blank" rel="noopener noreferrer">SECI</a>) in June 2019 and later amended on December 12, 2019.</p>


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