Adani Green acquires an equity stake in three special-purpose vehicles

Wind energy solutions provider Inox Wind announced on October 10 that its arm Inox Green Energy Services (IGES) has sold its entire equity stake in three special-purpose vehicles to Adani Green Energy. These are Wind One Renergy Limited, Wind Three Renergy Limited, and Wind Five Renergy Limited. 

A special purpose vehicle sometimes called a special purpose entity is a subsidiary created by a parent company to isolate financial risk. Legally, it is a separate company and this makes its obligations secure, even if the parent company goes bankrupt.

“These special purpose vehicles (SPVs) “commissioned 50 MW each, out of the total 250 MW which it had successfully won under the Tranche 1 of Solar Energy Corporation of India Ltd’s (SECI -1) bids for wind power projects at Dayapar, Gujarat connected on the central grid…,” the company said in a BSE Filing. 

The Adani Group is one of the major business houses that has made a significant presence in the sector across solar and wind projects with a 647 MW of wind power capacity in operation. Investments in this sector have picked up with the policy focus on renewable energy and the 500 GW of installed clean energy capacity by 2030. 

Adani Green Energy’s subsidiary, AHEJOL, has commissioned a 390 MW wind-solar hybrid power plant in Jaisalmer, Rajasthan. This plant is the first-ever wind and solar hybrid power generation plant in India. Moreover, with participation in the production-linked incentive (PLI) scheme, the company has also entered the solar module manufacturing segment.

IGES shall provide long-term operations and maintenance services for these projects. Further, Inox Winds has already supplied, erected and commissioned 25 units of its advanced 2 MW Wind Turbine Generators (WTGs) as part of a 50 MW project each.

The company in a separate filing said that IGES has sold its entire 100 per cent shareholding in the three firms (projects) for a cash consideration of Rs 1 lakh each. Further, Inox Wind had won 250 MW in SECI Tranche 1 auction at a fixed tariff of Rs 3.46 per unit for 25 years for sale to PTC India. 

Inox Wind is a wind energy solutions provider that services independent power producers, utilities, PSUs, corporates and retail investors. The company is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh with a cumulative manufacturing capacity of 1,600 MW.

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