Inox Wind announced on October 10 that its subsidiary, Inox Green Energy Services Limited (IGESL), has transferred to Adani Green Energy Limited its entire ownership in three special purpose vehicles (SPVs) - Wind One Renergy Limited, Wind Three Renergy Limited, and Wind Five Renergy Limited.
Each of these SPVs had commissioned 50 MW each, out of the total 250 MW won under the Tranche 1 of Solar Energy Corporation of India Limited’s (SECI -1) bids for wind power projects at Dayapar in Gujarat, connected on the central grid in 2019, according to a regulatory filing. Inox Wind had won the auction at a fixed tariff of Rs 3.46/unit for 25 years for sale to PTC India.
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IGESL, a wind power operation and maintenance (O&M) service provider, sold its entire shareholding in the subsidiaries for a cash consideration of Rs 1 lakh each. IGESL shall provide long term operations and maintenance services for these projects.
Post the transfer of shares, the SPVs have ceased to be subsidiaries of IGESL and in turn step down subsidiaries of the company with effect from October 7, 2022.
Inox Wind posted a Rs 10 crore loss during the June quarter against a revenue of Rs 17.27 crore.
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