Inox Wind Energy (IWEL) said on Wednesday that it has successfully raised around ₹900 crore through sale of equity shares of Inox Wind via block deals on stock exchanges.

IWEL is the promoter of Inox Wind (IWL). The transaction witnessed strong participation across marquee Institutional Investors, IWEL said. The transaction was executed via block deals on the stock exchanges and witnessed participation by several marquee institutional investors, it added.

Subject to IWL’s Board approval and other requisite regulatory approvals, the funds raised are proposed to be infused into Inox Wind to pare down it’s debt and augment the working capital needs of the company thereby strengthening the balance sheet further.

FY24 was a milestone year for Inox Wind in which it accomplished financial turnaround. As of March 2024, the firm’s order book stands at around 2.7 gigawatts (GW) with a healthy mix of PSUs, IPPs, C&I and retail. 

The company has recently secured a 210 MW order from Hero Future Energies. This is a significant win since it is a repeat order from a large marquee C&I player.

The macro-outlook for wind energy continues to be favourable as power demand growth is expected to remain strong in the coming years, requiring capacity addition at a rapid pace, particularly renewables. Over the next 8-10 years, India plans to add around 100 GW of wind power capacity, on the current base of around 46GW.