India’s Inox Wind Secures 100 MW Order; Project Pipeline Jumps To 1.25 GW
Inox Wind, one of India’s leading wind energy solutions provider, has announced fresh orders in line with its expectation of solid growth in the quarters ahead.
Inox Wind Director Devansh Jain announced that his company received an order from Ostro Energy to set up a 100 MW wind energy project in the state of Madhya Pradesh. The project is part of a larger 200 MW project, and the company is likely to get a follow-up order for the additional 100 MW capacity as well.
With this order, the company now has a pipeline of 1.25 GW, which translates to a 30% share in the Indian wind energy market.
The 100 MW project is expected to bring in around $100 million for the company, and is expected to be commissioned in March of next year. The company has had profit margins of 15-16% over the last 3 to 4 years but now looks set to increase the margins to 20%.
The company also placed an order worth $40 million with US-based AMSC for wind turbine electrical control systems. AMSC is expected to begin shipments under this new order during the second quarter of fiscal 2015.
Inox Wind has pledged to manufacture 5 GW of wind energy turbines over the next 5 to 7 years. Earlier this year, the company announced that it will invest $750 million in the state of Gujarat to set up 700 MW capacity across 3 districts.
This year the company also got listed at Indian bourses, becoming only the second wind energy company in India to be listed at the stock exchanges. Currently, the company seems in a better position compared to Suzlon Energy, the other listed wind energy company in India.
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