This supply order is to be delivered within H1 CY25 and it will be installed at the hybrid renewable energy project site being developed by Serentica Renewables in Karnataka.
The power generated from this project will be supplied to Serentica’s partners, including the Vedanta Group.
This order for IWL opens up large future opportunities to partner with another marquee C&I customer. In its quest to decarbonize energy-intensive industries through green power, Serentica has ambitious plans to massively scale up its RE capacities.
Kailash Tarachandani, group CEO of Inox Wind, said, “We are extremely pleased to establish our relationship with Serentica with this 60 MW equipment supply order. As India’s commercial & industrial (C&I) players accelerate their transition to green energy, we believe our tailored products and solutions for the wind projects will be one of the important catalysts driving this move. Serentica’s large-scale renewable project plans, combined with Inox Wind’s expertise in wind projects, make a perfect combination to take this mutually beneficial partnership to the next level going ahead.”
Akshay Hiranandani, CEO of Serentica Renewables, said, “At Serentica Renewables, we are committed to enabling the decarbonization of energy-intensive industries through innovative and sustainable solutions. Together, we aim to accelerate India's transition to a sustainable energy future while setting new benchmarks in renewable power generation."
Inox Wind is a wind energy solutions provider in India, catering to IPPs, utilities, PSUs, and corporate investors. It is part of the INOXGFL Group, with a focus on chemicals and renewable energy. IWL is fully integrated in the wind energy market, with four manufacturing plants and a capacity of over 2 GW per annum.
Inox Wind reported a consolidated net profit (from continuing operations) of Rs 90.22 crore in Q2 FY25 as against a net loss of Rs 29.23 crore posted in Q2 FY24.Revenue from operations surged 97.56% year on year to Rs 732.24 crore in the quarter ended 30 September 2024.
The scrip declined 0.60% to currently trade at Rs 191.45 on the BSE.