Adani Group has awarded an order to Inox Wind for supplying of wind turbine generators for its 100-MW project in Kutch, Gujarat thus acting as a savior and helping the Inox Wind to stay afloat in a difficult market.
Adani Green Energy, the renewable unit of Adani Group, won the project under the first round of Solar Energy Corporation of India (SECI) bids for wind projects connected to the Central grid. The PPA for the wind farm has been signed for a fixed tariff of ₹3.46 a unit for 25 years.
Inox Wind will develop and commission the project as well as provide long-term operation and maintenance services. The order involves supply of 50 units of 2MW wind turbine generators of 120 meters hub height and 113 rotor diameter over the next six-nine months.
Inox Wind is seeing a temporary downturn in wind power market due to the transition from the feed-in-tariff based market regime to the auction based regime. Its revenues declined by more than 75 per cent from ₹435 crore in Q1FYF17 to ₹106 crore in Q1FY18, dragging the firm to a net loss of ₹39 crore against a net profit of ₹11.9 crore a year ago.
Inox Wind is facing stiff competition from global manufacturers such as Suzlon and Gameza. It is reportedly in talks with Russia’s State Atomic Energy Corporation Rosatom for selling its wind turbine manufacturing business.
When contacted, the company declined to comment