Inox Wind bags 60 MW equipment supply order from Serentica Renewables; check stock reaction

Inox Wind (IWL) announced on Wednesday, December 18, that it has secured a 60 MW equipment supply order from Serentica Renewables. The order is for the supply of 3 MW class wind turbines.

IWL said in an exchange filing that this order is to be delivered within H1 CY25 and will be installed at the hybrid renewable energy project site being developed by Serentica Renewables in Karnataka, the company said in a statement.

Additionally, the Noida-based wind energy service provider said that it will provide multi-year post-commissioning Operations & Maintenance (O&M).

The power generated from this project will be supplied to Serentica's partners, including the Vedanta Group.

While the shares of the company opened in green at ₹194.19 apiece, the stock is currently trading 1.4% down at ₹190 on the NSE on Wednesday, December 18. Inox Wind stock has gained nearly 46.61% in the current year so far.

Kailash Tarachandani, Group CEO, Inox Wind said in the statement, "We are extremely pleased to establish our relationship with Serentica with this 60 MW equipment supply order.”

Akshay Hiranandani, CEO of Serentica Renewables, said, "Our collaboration with Inox Wind for this 60 MW wind project in Karnataka marks another significant milestone in our journey to deliver reliable and green energy to our partners, including the Vedanta Group."

Serentica Renewables (India) is a decarbonisation platform focused on providing round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonisation by making renewables the primary source of energy for the commercial and industrial segments.

Inox Wind Limited (IWL) is India’s leading wind energy solutions provider.