Inox Wind and Tata Power Sign 172 MW Wind Power Deals for Gujarat & Rajasthan

Inox Wind Limited (IWL), a subsidiary of Gujarat Fluorochemicals Limited, and one of India’s leading wind power solutions provider, has been awarded two wind-farm project contracts of 54 MW and 118 MW in Gujarat and Rajasthan, respectively, by Tata Power Renewable Energy Limited (TPREL), a wholly owned subsidiary of The Tata Power Company Limited.

IWL and TPREL have signed agreements which require IWL to supply, erect and commission 86 units of its 2 MW wind turbine generators (WTGs) in Gujarat and Rajasthan. The Gujarat project, located near Rojmal village of Bhavnagar district, is to be completed by June 2015 while the Rajasthan project located near the Dangri village of Jaisalmer district is to be completed in two stages, by March 2016. IWL is responsible for site acquisition, project development, erection and commissioning, and also providing long term operations and maintenance of wind power projects.

Kailash Tarachandani, CEO, Inox Wind Ltd., said, “Inox takes immense pride in partnering with Tata Power in further expanding its sizeable wind energy footprint in India. This deal demonstrates the potential that India holds for wind energy & Inox’s growing presence in the sector.” He went on to say, “This contract is another milestone for our business in India. Through comprehensive capabilities across the wind energy value chain and an endeavour to provide end-to-end solutions, we will assist Tata Power in growing their wind energy portfolio in the country. We appreciate the trust they have expressed in our technology and look forward to an enduring relationship.”

The Inox-Tata Power agreement comes at a time when several states in the country are reeling under acute power shortage and shows how wind energy could play a key role in the sector, by providing a dependable and clean alternative source of energy.

Rahul Shah, CEO, TPREL, said, “With the conventional power sector suffering from severe shortage of fossil fuels, renewable sources of energy have assumed greater importance towards ensuring energy security. We, at Tata Power, believe that India’s wind energy resources are largely untapped and have great potential to reduce the demand supply gap. The projects reinforce our commitment to add 150-200 MW every year and going by the new government’s outlook on the renewable energy space in the country, we are confident of sustaining our growth in the sector.”

About Tata Power Renewable Energy Ltd.:

Tata Power’s wind portfolio is spread across the states of Rajasthan, Gujarat, Maharashtra, Karnataka and Tamilnadu. A leading independent power producer of the country, Tata Power is focused on reducing its carbon footprint by increasing the share of non-carbon emitting sources.

About Inox Wind Ltd.:

Inox Wind Ltd. is one of the India’s leading wind power solutions provider servicing amongst others, large corporates, IPPs, and PSUs. Inox Wind along with its subsidiary is a turnkey solutions provider in the wind energy market in India with manufacturing plants at Rohika near Ahmedabad (Gujarat) for Blades & Tubular Towers and at Una (Himachal Pradesh) for Hubs & Nacelles. Inox Wind is an ISO 9001:2008 certified company. In addition, IWL's manufacturing units are awarded with ISO 14001:2004, OHSAS 18001:2007 and ISO 3834-2. Inox Wind Limited offers broad range of services to its customers. This includes providing turnkey solutions by manufacturing and supplying wind turbine generators and their components and offering a variety of services including wind resource assessment, site acquisition, project development, erection and commissioning, and also providing long term operations and maintenance of wind power projects

Disclaimer

Inox Wind Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares (the “Offering”) and has filed a Draft Red Herring Prospectus with SEBI. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the websites of the Global Co-ordinators and Book Running Lead Managers at www.axiscapital.co.in, www.dspml.com and www.edelweissfin.com and the website of the Book Running Lead Manager at www.yesbank.in. Investors should note that investment in equity shares involves a high degree of risk and for details in relation to risk factors, please see the section titled “Risk Factors” in the red herring prospectus and the prospectus expected to be prepared in connection with the Offering.

These materials are not an offer of securities for sale in the United States.  Securities may not be offered or sold in the United States absent registration or an exemption from registration.  Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements‎.