Inox Green Energy Services sells entire stake in 3 arms to Adani Energy

Inox Wind on Monday said its arm Inox Green Energy Services has sold its entire equity stake in three special purpose vehicles to Adani Green Energy.

"Inox Wind... through its subsidiary arm, Inox Green Energy Services Ltd (IGESL) has sold the entire equity shareholding held in Wind One Renergy Ltd, Wind Three Renergy Ltd and Wind Five Renergy Ltd... to Adani Green Energy Ltd," it said in a BSE filing.

These special purpose vehicles (SPVs) "commissioned 50 MW each, out of the total 250 MW which it had successfully won under the Tranche 1 of Solar Energy Corporation of India Ltd's (SECI -1) bids for wind power projects at Dayapar, Gujarat connected on the central grid...," it added.

IGESL shall provide long-term operations and maintenance services for these projects.

Inox Wind through its SPVs had supplied, erected and commissioned 25 units of its advanced 2 MW Wind Turbine Generators (WTGs) as part of 50 MW project each.

Inox Wind had won 250 MW in SECI Tranche 1 auction at a fixed tariff of Rs 3.46 per unit for 25 years for sale to PTC India.

In a separate filing, it said IGESL has sold its entire 100 per cent shareholding in the three firms (projects) for a cash consideration of Rs 1 lakh each.