Yet another company has announced a big investment in the Indian renewable energy sector for the resource-rich state of Gujarat.
One of the fast-emerging wind energy solutions providers, Inox Wind, has announced that it will invest $750 million in the state of Gujarat to set up 700 MW capacity across 3 districts.
Inox Wind is a wind turbine manufacturer which also provides turnkey solutions for wind energy project developers. This trend of providing integrated-services to project developers is a common practice in India.
Inox Wind has also announced that it will invest about $80 million to set up a wind turbine manufacturing unit in the neighboring state of Madhya Pradesh.
The company currently has so far supplied wind energy equipment equivalent to 15 GW and has an order pipeline of more than 1 GW.
A number of companies are looking to aggressively increase their investment in the wind energy sector. The Indian government reintroduced tax incentives for project developers earlier this year and is expected to announce more incentives in the upcoming financial budget. However, ambiguity remains on the medium-term capacity addition targets.
Statements from government ministers and officials had indicated an installed wind energy capacity of 100 GW by 2022. The recent draft on-shore wind energy policy, on the other hand, calls for 60 GW installed capacity by 2022. The government, however, is also believed to be working on an off-shore wind energy policy. The upcoming budget may give some indication about the final targets.
Inox Wind is expected to source at least some part of the proposed investment from an impending Initial Public Offering (IPO). The company plans to raise around $165 million by listing on the Indian stock exchanges.
Currently, only one other wind energy company is listed on the Indian exchanges. Suzlon Energy has been going through a bad patch for several months now due to mounting debt. Inox Wind hopes to ride on the recent positive change in the renewable energy policies of the government.
Image Credit: Inox Wind
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