Inox Green Energy to provide O&M services for renewable projects of 5 GW; Stock volatile

Shares of Inox Green Energy Services Ltd. are witnessing choppy moves on Wednesday, November 19, after the company said it will provide its operation and maintenance (O&M) services for 5 gigawatt (GW) of renewable projects that will be developed by its parent firm and the KP Group.

Inox Green said its parent firm Inox Wind Ltd. and group company Inox Solar Ltd. have inked a Memorandum of Understanding (MoU) with KP Group companies, KP Energy Ltd. and KPI Green Ltd., respectively.

As per the MoU, the companies will partner to jointly develop 2.5 GW of wind and 2.5 GW of solar power projects across multiple states in India. Inox Green said it would provide its O&M services for the wind turbine generators and solar modules set up across all projects under the partnership.

Inox Wind, in a press release, said, it will, along with its subsidiaries, supply wind turbine generators and associated equipment, provide engineering support including USS design, transformer specifications, and foundation design, and will execute pre-commissioning, commissioning and O&M of wind turbine generators.

Meanwhile, KP Energy will undertake project development activities such as securing connectivity, land and right-of-way, obtaining statutory approvals and executing balance of plant and engineering procurement and construction (EPC) works. KP Energy will also manage the O&M of balance of plant of the project, Inox Wind added.

Shares of Inox Green are currently trading 0.3% higher at ₹236.2, while those of Inox Wind are also trading with a similar quantum at ₹141.24.

Also Read: Deepak Fertilisers shares can deliver 40% upside from current levels, Emkay says with 'buy' rating