Inox Green Energy Services Limited (IGESL), a leading renewable energy operations and maintenance (O&M) service provider in India, has announced significant expansion of its solar O&M portfolio. The company has signed new agreements to provide O&M services for 189.1 MWp of operational solar projects, further solidifying its position in the renewable energy sector.

New Solar O&M Agreements

The company has entered into agreements with multiple customers for the following projects:

• 96.6 MWp with a global PE-backed Independent Power Producer (IPP) for projects located in Maharashtra
• 92.5 MWp with an IPP for projects located in Gujarat and Madhya Pradesh

Portfolio Growth

With these new additions, Inox Green's solar O&M portfolio has reached approximately 1.8 GW. This expansion is part of the company's rapid growth strategy in the solar segment. The new agreements have also increased Inox Green's total renewable O&M portfolio to roughly 5.3 GW, encompassing both solar and wind projects.

Management Commentary

Mr. SK Mathu Sudhana, CEO of Inox Green, expressed satisfaction with the company's progress, stating, "We are pleased to have secured another 189.1 MWp of solar O&M agreements, and rapidly expand in this segment. Inox Green has scaled up its solar O&M portfolio within a very short span of time, and we are continuously on the lookout for and participating in large scale O&M opportunities across solar, wind and RE infrastructure space."

Company Overview

Inox Green Energy Services Limited is one of the major renewable power O&M service providers in India, managing over 5 GW of renewable assets. As a subsidiary of Inox Wind and part of the INOXGFL Group, the company benefits from synergistic relationships within the renewable energy sector. Inox Green is India's only listed pure-play renewable O&M services company, with a strong and diverse portfolio base and an established track record of over a decade.

The company's business model is supported by reliable cash flows from long-term O&M contracts. Its customer base includes some of the largest Independent Power Producers (IPPs), Public Sector Undertakings (PSUs), and various retail customers.

As Inox Green continues to expand its portfolio in the renewable energy O&M space, it remains well-positioned to capture a significant portion of upcoming opportunities in the solar, wind, and renewable energy infrastructure sectors.

Inox Green Energy Services Limited (IGESL), a leading renewable energy operations and maintenance (O&M) service provider, has reported robust financial results for the first quarter, showcasing significant growth across key metrics.

Financial Highlights

IGESL reported impressive growth in its Q1 financial performance:

All figures in Rs crores

The company's performance demonstrates strong growth across key financial metrics, indicating robust operational efficiency and market demand for its services.

Operational Performance and Portfolio Expansion

IGESL maintained a strong operational performance during the quarter:

• The company's machine availability for its portfolio averaged 95.6%, showcasing its operational excellence.
• IGESL added approximately 1.6 GWp of solar O&M contracts to its portfolio.
• The total Renewable O&M portfolio now stands at approximately 5.1 GW, reinforcing IGESL's position in the renewable energy O&M sector.

New Business Developments

Inox Green Energy Services signed an agreement for comprehensive O&M of 182 MW of wind projects for one of India's largest conglomerates. This new contract further solidifies IGESL's market position and demonstrates the trust placed in its services by major industry players.

Corporate Update

The company announced that it has received no objection from stock exchanges for a scheme to demerge its substation business, indicating potential strategic realignment of its operations.

Future Outlook

Inox Green Energy Services Limited has set a target of expanding its portfolio to exceed 10 GW within the next two years. The company plans to achieve this growth through a combination of organic expansion and inorganic opportunities, positioning itself for significant market share in the renewable energy sector.

With a growing portfolio of renewable energy assets under management, strong financial performance, and strategic business developments, Inox Green Energy Services Limited appears well-positioned for continued growth in the renewable energy O&M sector.