Inox Wind rose 1.98% to Rs 136.30 after the company bagged an order for a 150 MW (mega-watt) wind power project from NTPC Renewable Energy, a wholly owned subsidiary of NTPC, to be commissioned in the state of Gujarat.
This order will help NTPC achieve its target of having over 60 GW (giga-watt) renewable energy capacity, constituting nearly 50% of its overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site, Kutch district in the state of Gujarat and is scheduled to be commissioned by April 2023.
As part of the order, Inox Wind will supply and install DF 113/92 - 2 MW capacity wind turbine generators with 113 meters rotor diameter and 92 meters hub height. The common infrastructure facilities such as the 220 KV pooling substation at Dayapar and extra high voltage transmission line has already been commissioned and thus, the project will be executed on a plug and play basis with a shorter gestation period. Further, as part of the order, Inox Wind will provide comprehensive operation and maintenance (O&M) for the lifetime of the project. This will add to its multi gigawatt O&M fleet and help grow the overall profitability.
India has announced a renewable energy target of 175 GW by 2022 and a target of 450 GW by 2030.
On a consolidated basis, Inox Wind reported a net loss of Rs 57.52 crore in Q2 FY22 as compared to a net loss of Rs 76 crore in Q2 FY21. Net sales declined 3.1% to Rs 165.84 crore in Q2 FY22 over Q2 FY21.
Inox Wind is a fully integrated player in the wind energy market with three manufacturing plants in Gujarat, Himachal Pradesh and Madhya Pradesh. Inox Wind's manufacturing capacity stands at 1,600 mega-watt (MW) per annum.
Meanwhile, shares of NTPC lost 0.04% to Rs 137.15 on BSE.
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