Inox Wind Ltd, on Wednesday, December 18, made a significant announcement that it had secured a substantial 60 MW order from Serentica Renewables for the supply of 3 MW class wind turbines. This order highlights the increasing demand for renewable energy projects, especially in India, which is experiencing an accelerated transition to green energy. The wind turbines are scheduled for delivery within the first six months of 2025 and will be installed at a hybrid renewable energy project site being developed by Serentica Renewables in Karnataka. As part of the agreement, Inox Wind will also provide multi-year post-commissioning operations and maintenance services for the wind turbines, ensuring long-term support for the project’s success.
The power generated from this project will be supplied to Serentica’s partners, including the Vedanta Group, which is a major player in the energy sector. This collaboration underscores Inox Wind’s commitment to supporting the renewable energy goals of India’s industrial and commercial sectors, which are rapidly embracing green energy solutions. The partnership reflects the growing importance of tailored products and solutions designed to drive the clean energy transition.
Kailash Tarachandani, Group CEO of Inox Wind Ltd, expressed confidence in the future of India’s renewable energy sector, stating, “As India’s commercial and industrial players accelerate their transition to green energy, we believe our tailored products and solutions for the wind projects will be one of the important catalysts driving this move.” His statement underscores the importance of innovation and sustainable solutions as key drivers in the industry’s evolution. Inox Wind’s expertise in providing high-performance wind turbines and long-term maintenance services is positioned to play a vital role in India’s renewable energy push.
Akshay Hiranandani, CEO of Serentica Renewables, also shared his thoughts on the partnership, emphasizing the company’s commitment to enabling the decarbonization of energy-intensive industries. He added, “Together, we aim to accelerate India’s transition to a sustainable energy future while setting new benchmarks in renewable power generation.” This aligns with Serentica’s mission to make significant strides in the clean energy space, ensuring that their partners benefit from reliable, sustainable energy sources that contribute to India’s decarbonization goals.
The announcement comes on the heels of an important statement by Devansh Jain, the Executive Director of InoxGFL Group, made on December 17. Jain confirmed that Inox Wind had set an ambitious target of achieving a fourfold increase in revenues in the ongoing fiscal year compared to the previous year. This growth is supported by a growing order book and an expanding presence in the renewable energy market, which has been experiencing rapid expansion.
Inox Wind is the listed wind turbine manufacturing arm of the InoxGFL Group, a conglomerate with diverse business interests. In addition to wind energy, the group’s other listed entities include Inox Green, which specializes in operations and maintenance services, and Gujarat Fluorochemicals, which focuses on the chemicals sector. The company has made remarkable strides in the wind energy industry, having successfully delivered close to 800 megawatts (MW) of power capacity in 2023-24 (FY24), a significant increase from the 376 MW delivered in the previous year. With such robust growth, Inox Wind is poised to achieve even greater milestones in the years ahead.
Looking ahead, Inox Wind has set an ambitious target for 2025-26 (FY26), with plans to deliver around 1,200 MW of wind energy capacity. This growth will be supported by a strong and growing order book, which currently stands at 3.5 gigawatts (GW). The company’s commitment to expanding its manufacturing capacity and increasing its output is evident, with several orders currently in advanced stages of finalization. Inox Wind is confident in its ability to meet the growing demand for clean energy solutions and has expressed its readiness to take on as many orders as needed. In fact, the company has stated that it is sold out for the next two years based on its current ambitions to supply turbines.
Inox Wind has also raised its earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for the third time, increasing it to 17% from the earlier 15%. This reflects the company’s confidence in its growth trajectory and its ability to deliver solid financial performance in the coming quarters. As of December 17, Inox Wind shares ended 1.62% lower at ₹192.19 apiece. However, the stock has gained 46.61% year-to-date, which underscores the market’s optimism about the company’s prospects in the renewable energy sector.
In conclusion, Inox Wind’s recent order from Serentica Renewables, its ambitious revenue targets, and its growing order book all point toward a promising future in the renewable energy space. As the demand for wind energy solutions continues to grow, Inox Wind’s role in driving India’s clean energy transition will remain pivotal. The company’s commitment to innovation, sustainability, and long-term support for its projects positions it well for continued success in the rapidly evolving renewable energy market.
