A minerals and lignite mining company in India is looking to develop a wind energy project and has placed an order with one of the rapidly emerging wind energy solutions providers, Inox Wind.
Gujarat Mineral Development Corporation (GMDC) will set up 50 MW wind energy project in the western state of Gujarat. The company has placed an order with Inox Wind, one of the only two wind energy companies listed on the Indian bourses.
The project will include 25 units of 2 MW, 100 meter rotor diameter, wind turbines. The project would be part of the 400 MW wind farm planned by Inox Wind in Gujarat. Inox Wind is reportedly planning to set up several of such large-scale wind farms across the country.
Inox Wind – Grand Expansion Expected
Inox Wind raised $165 million through its initial public offering earlier this year and is expected to use these funds to expand generation and manufacturing capacity. At this year’s renewable energy international investors summit organized by the Ministry of New & Renewable Energy, the company pledged to manufacture 5 GW worth of wind turbines over the next 5-7 years. The company also announced investments worth $750 million for the development of 700 MW capacity in Gujarat.
Inox Wind is highly optimistic about the favorable regulatory environment with regards to the renewable energy sector. The company already has a project pipeline of 1.4 GW and expects incremental orders of 1-1.5 GW capacity every year.
Inox Wind Director Devansh Jain had earlier stated that several government measures have started to reap results. Regulatory requirements like corporate social responsibility (CSR) and renewable purchase obligation (RPO) are forcing companies to invest in renewable energy. Government-backed financial companies like Power Finance Corporation Limited (PFC), Rural Electrification Corporation (REC), and the India Renewable Energy Development Agency (IREDA) are now much more willing to provide low-cost debt financing to the development of projects.
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