Inox Wind maintains successful track record in central government auctions by winning 250MW in the SECI–II auction

Inox Wind Limited, one of India’s leading wind energy solution providers, has won 250MW in the SECI-II auction representing a 25% market share. The bid was won at a fixed price of Rs2.65/unit for 25 years. This win is on back of the 300MW order win from the SECI-I auction held earlier in the year. This win enhances our auction based order book to 550MW.

Inox wind would be developing the SECI-II project in the Kutch region in the state of Gujarat. The project would be executed over the next 12 months. Inox Wind will supply, erect and commission its advanced 2MW Wind Turbine Generators (WTGs) of 120m Hub height & 113m Rotor diameter. The 113m rotor diameter WTG has one of the highest swept areas that make it ideally suited to maximise returns, even in low wind areas. Inox Wind’s Kutch site would become one of the largest wind farms in India post execution of capacities expected to be won in future rounds of SECI & state auctions. Inox Wind will be responsible from the development and construction to commissioning and will provide long term operations and maintenance services.

We are confident of scaling up our auction based order book as we see more SECI & state wind auctions taking place in the coming months. Our inherent low cost structure makes us one of the lowest cost producers of wind turbines globally and ideally places us in a position to capture significant market share under the auction regime. We would also highlight that our order book can be higher from the SECI-II auction if we are selected by other winning IPPs as a WTG provider for their bids. We remain committed to execute these projects on a profitable basis meeting our company targets. We aim to continue on our stated business strategy to participate in wind power auctions to win confirmed order book and then down sell the order win to Independent Power Producers (IPPs) since it is not our intention to become wind power asset owners.

Mr. Kailash Tarachandani, Chief Executive Officer of Inox Wind Limited said, “We are delighted with winning 250MW in the SECI-II auction. This win solidifies our belief that Inox Wind would be a major beneficiary in the auction based market regime, due to its inherent cost-competitive advantage which allows us to execute these projects on a profitable basis. We would continue to build our order book and gain significant market share in the auction regime on back of future SECI & State auctions. We will begin a new phase of robust growth for the wind industry critical for reaching the 60 GW wind power capacity goal by 2022 for the country.”