Inox Wind’s subsidiary, Inox Green Energy Services (IGESL),a wind power operations and maintenance (“O&M”) service provider, has signed a term sheet for divestment of 100% stake in Nani Virani Wind Energy Private Limited SPV.
The SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May’23. 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.