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Inox Wind signs landmark agreement with AMSC for the launch of 3MW Wind turbines in India

Posted On : 2018-11-27 19:32:54( TIMEZONE : IST )

Inox Wind signs landmark agreement with AMSC for the launch of 3MW Wind turbines in India

Inox Wind Limited, one of India's leading wind energy solutions provider, has signed an exclusive agreement with AMSC (NASDAQ:AMSC), a global solutions provider serving the wind and power grid industry, to launch the 3MW wind turbine which is especially suitable for low wind regimes in India. The 3MW wind turbine platform is a globally operating and proven platform. This agreement comes on back of the existing licence for the 2MW range of wind turbines currently being offered by Inox Wind.

The state-of-the-art 3MW wind turbine extends the existing WTG product offering from Inox Wind and reinforces the Company's position as the leading wind turbine manufacturer in the country. The 3MW wind turbine is going to be a revolutionary product in India which would improve energy yields, reduce levelised cost of energy (LCoE) and offer superior performance which would help harness wind sites optimally and set new benchmarks in the Indian wind industry. This product would also support the competitive tariff environment currently present under the auction regime in India.

Inox Wind currently offers the 2 MW turbines with multiple blade and tower variants and would launch the 3MW turbine with higher rotor diameter and hub height tower. AMSC's state-of-the-art wind turbine designs range from offerings of 2MW to 10 MW and more than 15,000 MW of installed capacity has been operating globally for multiple years based on AMSC's designs.

Mr. Devansh Jain, Executive Director of Inox Wind Limited said, "The launch of the 3MW wind turbine is a momentous occasion in the company's journey to become the leading wind energy solutions provider in the country. This product reinforces our firm commitment to provide our clients with energy efficient, superior output products and ensures that Inox Wind continues to play a pioneering role in the wind turbine industry in India. Inox Wind continues to work with AMSC as a strategic long term technology partner for our turbine offerings for the Indian market.

The government's focus on the target of 175GW of renewable energy capacity and 60GW of wind capacity by 2022 provides a strong runway of growth for the sector. We look forward to contribute in achieving this goal by providing our customers with the best in class technology and products."

Shares of Inox Wind Ltd was last trading in BSE at Rs.81.95 as compared to the previous close of Rs. 82.95. The total number of shares traded during the day was 5920 in over 154 trades.

The stock hit an intraday high of Rs. 83.95 and intraday low of 81.15. The net turnover during the day was Rs. 486610.

Source : Equity Bulls