Inox Wind stock surges post deal with Adani Green Energy

Inox Wind has signed an additional deal with Adani Green Energy for SECI 50 MW capacity. Reacting to the news, the stock of the company was trading up by 16.59 per cent in the early trading session on Wednesday.

Inox Wind which is a wind energy solutions provider has a strong partnership with Adani Green Energy in the renewable sector. The company signed a deal for sale of 50 MW wind power project located in Dayapar, Kutch in Gujarat for which Adani is the strategic investor. As part of the SECI bids for wind power projects connected on the central grids, this project comprises of 25 nos. of its latest 2 MW wind turbines. According to Inox Wind, the 2 MW wind turbines have one of the highest swept areas thus making it ideally suited to maximize returns in low wind areas. As part of the deal, Inox Wind will provide for long-term maintenance and operations facilities as well. Post execution of capacities won in different rounds of SECI & state auctions, Kutch site of Inox Wind will become one of the largest wind farms in India. The company has already commissioned 166 MW of wind projects for Adani previously thus reposing Adani’s confidence in Inox Wind.

On Wednesday, the stock was trading at Rs. 36.90, up by 16.59 per cent or Rs. 5.25 per share. The 52-week high is Rs. 99.50 and 52-week low is Rs. 30.80 on BSE.