Inox Green Energy Services (IGESL) has signed a term sheet for divestment of 100% stake in Nani Virani Wind Energy SPV. The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May 2023.
The divestment is part of the strategic decision taken by the company to become net debt-free, further enabling IGESL to become an asset-light annuity O&M business. Consequently, this will also aid in paring debt on IGESL’s parent company Inox Wind’s consolidated balance sheet. The transaction will consummate post customary regulatory and banking approvals, including Board and shareholders’ approvals.
Inox Green Energy Services is one of the major wind power operations and maintenance (O&M) service providers within India. The Company is engaged in the business of providing long-term O&M services for wind projects.
