One of the first four winners of the first wind power auction, Inox Wind Infrastructure Services Ltd is already eyeing to sell a stake in the project of 250 MW, it was awarded earlier. Various buyers showed interest with ReNew Power that was lost out in the auction.
Inox has won the bid with the quotation of Rs 3.46 tariff per unit, lower than the prevailing Wind tariff of Rs 4 and Rs 6 across wind producing states that is fixed by power regulatory of every state.
Green Infra Wind Energy, Mytrah Energy (India) and Ostro Kutch Wind has also won 250 MW each with an identical tariff. ReNew Power bid at Rs 3.47 per unit.
However the auction was formally notified last October and the bids were opened until February.
Inox Renewables, parent company of Inox Wind said that they have decided yo broke the edges and move out of developing wind farms and concentrate on its core business of manufacturing wind power generating equipment.
In the beginning of March, Inox Renewables sold its entire wind farms portfolio of about 260 MW to Chennai-based Leap Green Energy Pvt Ltd for an undisclosed amount.
The auction regulations prohibit winners to sell a majority stake in their projects for minimum one year of the wind farm commissioned. Inox Wind has a plan to initially participate with a 49% stake to execute a special purpose vehicle with the buyer and the rest 51% after the project is operational.
The term will be enclosed to ensure Inox Wind supplies the turbines, tower and blades and establishes the project and does not have the responsibility of running it beyond a year.
An industrial official who is aware of the planned deal said, “Inox will not get any premium since the project is still at a very early stage. Even the letters of intent have yet to be issued to the auction winners. But that does not matter, since its only concern as far as the wind business now is to sell its turbines.”
Inox Renewables is Gujarat Fluorochemicals owned company which is also in cinema theatres and industrial gases.
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