Inox Green Energy gains on foray into solar

Inox Green Energy Services gains 1.26% to Rs 177 after the company announced its foray into solar manufacturing through Inox Solar, a privately held entity by the promoters.

Aiming to be one of the fastest growing solar platforms in the country, Inox Solar is targeting an initial capacity of 5 GW of solar modules and 2.5 GW of solar cell manufacturing capacity by 2026, at an outlined capex of Rs 1,500 crore. The company will also provide turnkey EPC solutions, including land acquisition & power evacuation, through its group company Inox Renewable Solutions (earlier known as Resco Global Wind Services). Additionally, it will offer post commissioning O&M services through another group company Inox Green Energy Services. Inox Solar's first solar module manufacturing unit with initial capacity of 1.2 GW in Gujarat is expected to be operational by March 2025. The facility will manufacture TopCon modules.

Devansh Jain, executive director of INOXGFL Group, said With Inox Solar, we proudly mark a new chapter in INOXGFL Group's journey, advancing India's renewable energy aspirations. This foray into solar energy complements our existing strengths, making us a fully integrated player in the energy transition ecosystem. Our vision is to deliver comprehensive renewable solutions, supported by world-class manufacturing capabilities and turnkey services. By targeting 5 GW of solar module and 2.5 GW solar cell capacity by 2026, we aim to drive energy independence and empower our stakeholders. Together, we are not just contributing to greening India but also redefining the benchmarks of excellence in the renewable sector.

INOXGFL Group is a forerunner in diversified business segments comprising fluoropolymer, fluorochemicals, battery chemicals, wind turbines and renewables. It is strongly positioned as one of the most deeply integrated Groups in the green ecosystem. Comprising four listed entities - Gujarat Fluorochemicals (GFL), Inox Wind, Inox Green Energy Services, and Inox Wind Energy , the Group commands a market capitalization of ~ US$ 12 bn.

On a consolidated basis, net profit of Inox Green Energy Services rose 10.75% to Rs 6.39 crore while net sales rose 16.44% to Rs 55.18 crore in Q2 September 2024 over Q2 September 2023.

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