Inox Wind signs MoU for 700 MW Wind Power Project with Gujarat

 

Inox Wind has signed a Rs 4,500 crore preliminary agreement with Gujarat for setting up a 700 MW wind power plant in the state.

The MOU will be implemented over next 2 years in 3 districts of Gujarat - Rajkot, Amreli and Kutch.

According to the company, it had an order book of 1,258 MW as of December 31. Inox's customers include Green Infra, Continuum Wind Energy, Tata Power, Welspun Energy, Bhilwara Energy, ReNew Power Ventures, Hero Future Energies and a subsidiary of CESC.

In Madhya Pradesh, it is setting up an integrated wind turbine manufacturing facility.

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Public issue of Inox wind ltd...

 

 

Power India found that, INOX Wind Ltd, a subsidiary of Gujarat Fluorochemicals Limited has proposed public issue of equity shares.

 

 

• The company has proposed public issue of its equity shares through 100% book building method in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
• INOX Wind has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on July 5, 2013. It can be downloaded from here.
• The proposed issue consists of a fresh issue of up to Rs. 7000 Million and an offer for sale up to 20,000,000 equity shares by Gujarat Fluorochemicals Limited.
• Shares of Gujarat Fluorochemicals Ltd was last trading in BSE at Rs.283.40; up by Rs. 3.65 or 1.30%. The stock hit an intraday high of Rs.287.75 and low of Rs.274.50.
• The total traded quantity was 6093 compared to 2 week average of 5239.

Source: Equity Bulls

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IFC to part fund Abengoa’s Indian arm Inabensa…

Power India found that International Finance Corp (IFC) is part funding a steel fabrication plant being built in India by Spanish infrastructure conglomerate Abengoa S.A. Abengoa’s Indian arm Inabensa Bharat Pvt Ltd is setting up the plant which is expected to cost around Rs 100.2 crore (~$20 million).

 

IFC will lend around $14 million for the project.

 

The greenfield project is to construct a steel fabrication plant near Vadodara in the state of Gujarat, with an annual capacity of 25,000 tons. The plant will manufacture steel structures for transmission & distribution (T&D) projects and metallic support structures for the cylindrical parabolic solar collectors (CPC) and heliostats in concentrated solar power (CSP) projects that will be developed globally, including in India and neighbouring countries.

 

Commenced in 1941, Abengoa provides technology solutions for sustainability in the energy and environment sectors, generating energy from the sun, producing bio-fuels, desalinating sea water and recycling industrial waste. The group is involved in five core businesses including solar, Bio-energy, environmental, IT and Engineering & construction.

 

IFC, the private investment arm of the World Bank, is one of the more prolific institutional investors in the country through a mix of equity and debt finance transactions. In another debt deal, it may lend around $26 million in to three new solar projects being developed by Mahindra Solar One, a 26:74 joint venture between the Mahindra Group and Kiran Energy, a private equity backed firm.

 

Over the last one week it has also committed over $200 million in three debt cum equity deals. These include debt funding of up to $65 million to Warburg Pincus-backed off-highway tyre manufacturer Alliance Tire Group, $130 million ($40 million in equity and $90 million in debt) in INOX Renewables Ltd,  a subsidiary of Gujarat Fluorochemicals Ltd that runs its wind power generation business, besides $9 million (debt + equity) in Bangalore-based RenewGen Enviro Ventures India Pvt Ltd.

 

 

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IFC to invest USD 130 Million in the form of det and equity into INOX for 400 MW of wind projects…

Power India found that International Finance Corporation (IFC) is planning to invest around USD 130 Million in to the INOX Renewable Limited which is a subsidiary of Gujarat Flurochemicals Limited.

 

The funds raised will be used to fund 400 MW of wind projects in the states of Rajasthan and Gujarat.

IFC’s proposed investment involves equity investment of $40Mn in IRL and senior debt of $90Mn.

 

Incorporated in 2010, INOX Renewable is a part of INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment.

 

INOX Renewable houses the wind power generation business of the INOX group.
The company is planning to build up to 3000 MW of wind projects by 2017 with the majority being in the states of Rajasthan and Gujarat.

 

Recently, Gujarat Fluorochemicals transferred its 65MW wind energy business to INOX Renewables.
The total project cost of 400 MW wind project is estimated at $480 Mn which is proposed to be implemented by March 2013.

 

Its existing operational assets are a 4MW wind farm in Tamil Nadu, two wind farms in Rajasthan, including Sadiya -12MW and Ossiya – 30MW, a 23.1MW site in Gude Panchgani, Maharashtra; and a 50 MW site at Mahidad in Gujarat. There is a 100MW wind farm at Dangri, Rajasthan currently under construction.

 

Recently, Chennai based wind power developer – Trishe Energy was also planning to raise funds from private equity investors for setting up of 1,000-MW of wind farms.

Other investments in this sector include IDFC India Infrastructure Fund’s $33Mn investment in Caparo Energy and FE Clean Energy’s $40Mn investment in NSL Renewable Power.

 

 

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