Inox Wind wins 50MW in the Maharashtra State auctions

Inox Wind Limited, one of India’s leading wind energy solutions providers, has won 50MW in the Maharashtra state auctions. The bid was won at a fixed price of Rs2.86/unit for 25 years. This win is on back of the 300MW order win from SECI-1 auctions, 300MW in SECI-2 auctions and 200MW from SECI-3 auctions. This win enhances our auction based order book to a sector leading 850MW.

The 50MW project would be executed over the next 12-15 months and Inox Wind will be responsible for the development, construction and commissioning and will provide long-term operations and maintenance services. Our wins in SECI and Maharashtra state auctions are the testament to our competitiveness in the auction regime. Our low-cost structure makes us one of the lowest cost producers of wind turbines and places us in an ideal position under this regime. We would also highlight that our order book can be higher from the Maharashtra 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.

Mr. Kailash Tarachandani, Chief Executive Officer of Inox Wind Limited said, “With this auction, the government has auctioned 5.5GW in SECI & state auctions this year and we look forward to a strong end to the year with the upcoming 2GW SECI-4 auction and 500MW(with 500MW Greenshoe option) Gujarat auction. We look forward to contributing towards achieving the 60GW wind power capacity goal by 2022 as shared by the Honourable Power Minister through the 10GW wind power auctions in FY19 and FY20 each. The Maharashtra wind power auction tariff of Rs2.86/unit also highlights our belief that states with lower PLF sites will show higher tariffs than what are discovered in central auctions where higher PLF sites are used.”