INOXGFL Group has emerged as the successful bidder for the acquisition of the IPP and O&M businesses of Wind World India. An exchange filing shows that the group company Inox Green Energy Services will acquire Wind World’s 4.5 GW wind O&M (Operations and Maintenance) business, while Inox Clean Energy will acquire Wind World’s 600 MW operational IPP (Independent Power Producer) portfolio.
INOXGFL group has acquired Wind World India’s IPP and O&M business following the latter’s bankruptcy. The disclosure shows that the group received the Letter of Intent from the committee of creditors. The resolution plan is still subject to approval by the NCLT.
“This acquisition marks another decisive step in expanding our O&M portfolio under Inox Green and strengthening our integrated renewable energy platform under Inox Clean. By adding high-quality operational wind assets to our IPP portfolio and significantly expanding our O&M scale, we are deepening our presence across the wind value chain.” Devansh Jain, Executive Director, INOXGFL Group, said in a statement.
Wind World India business
Wind World India has manufacturing, an Independent Power Producer and Operations and Maintenance business. Along with its subsidiaries, the company has a combined installed IPP capacity of approximately 600 MW, with wind power operations across Karnataka, Maharashtra, Tamil Nadu, Rajasthan, Gujarat, Madhya Pradesh and Andhra Pradesh.
Furthermore, Wind World India’s Operations and Maintenance portfolio stands at nearly 4.5 GW and has a large client base, including leading companies in the renewable energy and industrial sectors such as the Tata Group, ReNew, Greenko Group, Apraava Energy, and Hindustan Zinc.
Significance of acquisition
Inox Green’s acquisition of a 4.5 GW Operations and Maintenance portfolio is seen as a significant growth driver for the company. The company already has about 13.3 GWp assets under its management.
Similarly, the 600 MW wind IPP business acquisition is a major milestone for Inox Clean, which is looking to achieve medium-term targets of 10 GW of installed IPP capacity by FY28.
The transaction is strategically timed and falls within our valuation framework. The addition of operational IPP assets enhances our recurring revenue profile, while the expansion of the O&M portfolio further strengthens Inox Green’s annuity-driven revenues and profitability.” Akhil Jindal, Group CFO, INOXGFL Group, said.