One of India’s two listed wind energy companies has announced completion of a major project.
Inox Wind recently announced that it commissioned the 170 MW wind energy project for Continuum Wind Energy. Located in the state of Madhya Pradesh, Inox Wind supplied equipment and was also responsible for construction.
Inox Wind supplied 85 units of its 2 MW turbines which have 100 meter rotor diameter and 92 meter hub height. The company is also contracted to provide long-term support for operations and maintenance of the project.
Continuum Wind Energy has already signed an agreement with Inox Wind for development of an additional 24 MW capacity, and the two companies may expand their partnership further.
A few months back, Continuum Wind Energy was at the centre of what was termed as potentially the largest-ever acquisition in India’s renewable energy sector. In mid-2015, SunEdison was reportedly planning to acquire the company for an estimated $600 million. The US-based renewable energy projects developer had planned to buy out a stake held by Morgan Stanley Infrastructure Partners, the majority stakeholder in Continuum Wind Energy. The company, at that time, had an operational capacity of 145 MW and under-construction capacity of 270 MW.
By late-2015, however, media outlets started reporting that SunEdison may not go ahead with the deal due to increased strain on its balance sheet. SunEdison ended up selling a number of assets globally, including a transfer of 425 MW solar power capacity to its yieldco TerraForm Global.
Despite the unsuccessful acquisition by SunEdison, the Indian wind energy sector remains attractive. With an installed capacity of 25 GW, wind energy remains the largest renewable energy technology in India. The Indian Government plans to more than double the installed wind energy capacity to 60 GW by March 2022.