One of India’s listed wind turbine companies just landed some huge order to set up projects before some crucial financial incentives expire at the end of the current financial year.
Inox Wind reported to the Bombay Stock Exchange (BSE) that it recently multiple orders worth Rs 2,000 crore ($300 million) to set up large-scale wind energy projects across three states. The projects shall have cumulative installed capacity of 350 MW.
The company reported that all the projects are from repeat customers which include large independent power producers and corporates. The company will supply and erect wind turbines at the project sites and will also be responsible for maintenance and operation.
All the projects shall be commissioned by March 2017, just before the scheduled changes in generation-based incentives and accelerated depreciation – two of the most significant financial reforms that have driven the Indian renewable energy market over the last few years.
Inox Wind has received several large-scale orders over the last few months and has invested in expanding its manufacturing base to cater to those orders. Last year, the company increased production capacity of its turbine manufacturing facility in Madhya Pradesh from 800 MW to 1,600 MW per year.