Inox Wind has started work on the 126 MW phase-I of its 250-megawatt wind power projects in Gujarat following the receipt of certain advances.
Inox Wind has announced that it has started work on the 126 MW phase-I of its 250-megawatt wind power projects in Gujarat following the receipt of certain advances. The first phase of the projects is scheduled to be commissioned in the third quarter of the ongoing fiscal, the firm issued in a filing to BSE.
“Post receipt of certain advances, Inox Wind has started execution of the first phase of the project comprising of 126 megawatts (MW) which is scheduled to be commissioned by Q3 of FY 2021 at Dayapar, District Bhuj in Gujarat, on a turnkey basis,” the filing said.
As part of the order, Inox Wind will provide Continuum Power Trading (TN) with end-to-end solutions from development and construction to commissioning and providing long term operations and maintenance services, it said. The firm had entered into definitive pacts with the company to erect and commission a 250 MW wind power projects in the state of Gujarat.
Common infrastructure such as 220 kilovolts (kV) pooling substation at Dayapar, 220 kV bay at Power Grid Corporation of India Limited (PGCIL) Nirona End, 220 kV transmission line for 72 km is already ready and the project will be executed on a plug and play basis, it said.
At the back end of April, Inox Wind had become one of the first renewable energy firms in the country to announce that it had reopened its manufacturing facilities across the country.
After lockdown order issued by the government in the wake of containment of coronavirus pandemic, Kailash Tarachandani-led company had earlier on March 26, 2020, suspend operations at all its three manufacturing sites situated at Ahmedabad, Barwani and Una in the states of Gujarat, Madhya Pradesh, and Himachal Pradesh respectively.
However, the firm had informed that after “obtaining requisite permission from concerned district administration, it has now resumed operations at all its three manufacturing plants in compliance with all the safety guidelines and directives issued by the Central and State Governments and local administration to safeguard the employees, labourers and all other stakeholders to prevent the spread of COVID-19.”
During its third quarter of FY20, the company had reported higher consolidated revenue of Rs 173 crore, against Rs 139 crore, q-o-q basis, in the previous quarter Q2 of FY20. It had also achieved a higher EBITDA of Rs 24 crore, from an EBITDA of Rs 4 crore in Q2 FY20. The reason behind the company’s better results performance was due to fresh supplies of WTGs for new orders.
However, it had posted a consolidated net loss of Rs 27.47 crore during Q3 FY20, as compared to a net profit of Rs 1.69 crore in the same period last year.