Image Source: Trade Brains
INOX Green Energy Services Ltd (INOG.NS), a leading renewable operations and maintenance (O&M) provider under the INOXGFL Group, has announced a major leap forward in its solar ambitions. The company has signed agreements for the O&M of 189.1 MWp of solar projects across India, marking a significant milestone in its clean energy journey. With this addition, INOX Green’s solar portfolio now stands at an impressive 1.8 GW, while its total renewable portfolio—including wind and hybrid assets—has surged to 5.3 GW.
This announcement underscores INOX Green’s aggressive push into the solar domain, complementing its already dominant presence in wind energy O&M. The company’s strategic expansion aligns with India’s broader goal of achieving 500 GW of non-fossil fuel capacity by 2030, and positions INOX Green as a key player in the country’s energy transition.
Solar Surge: 189.1 MWp Agreements Signed
INOX Green’s latest agreements cover a diverse set of solar projects located across Western and Central India. These projects are tied to long-term power purchase agreements (PPAs), ensuring stable annuity-like revenue streams for the company. The O&M contracts span 5 to 20 years, reinforcing INOX Green’s business model of predictable cash flows and long-term client relationships.
The company’s entry into solar O&M is not just opportunistic—it’s strategic. With the INOXGFL Group’s recent foray into solar manufacturing through Inox Solar, INOX Green is poised to benefit from vertical integration. Inox Solar is targeting 4.8 GW of solar module capacity and 2.4 GW of solar cell manufacturing by FY27. This synergy will allow INOX Green to offer turnkey solutions from module manufacturing to site maintenance, enhancing its value proposition in the renewable ecosystem.
Wind and Hybrid Strength: A 5.3 GW Renewable Portfolio
While the solar portfolio now stands at 1.8 GW, INOX Green’s total renewable footprint has reached 5.3 GW, thanks to its robust wind O&M business and hybrid project engagements. The company currently manages over 3.5 GW of wind assets, with machine availability consistently above 96%. Its hybrid strategy—leveraging both wind and solar—has gained traction through its sister company Inox Neo Energies, which is targeting 3 GW of hybrid capacity in the next 2–3 years3.
The INOXGFL Group’s integrated approach spans manufacturing, EPC, and O&M services, making it one of the few players in India capable of delivering end-to-end renewable solutions. This positions INOX Green not just as a service provider, but as a strategic enabler of India’s clean energy ambitions.
Financial Momentum and Market Position
INOX Green’s financial performance has mirrored its operational growth. In Q3 FY25, the company reported a 22% YoY increase in revenue, reaching ₹74 crore, with EBITDA rising 23% to ₹29 crore. Profit after tax turned positive at ₹5 crore, compared to a loss of ₹1 crore in the same quarter last year. The company’s cash PAT surged 76% YoY to ₹23 crore, reflecting strong operational efficiency and cost control.
The company’s stock (INOG.NS) has responded positively to these developments, with investor sentiment buoyed by its expanding portfolio and improving margins. Analysts expect further upside as the solar and hybrid segments mature and contribute more significantly to revenue.
ESG and Sustainability Commitments
INOX Green’s growth is underpinned by a strong commitment to environmental, social, and governance (ESG) principles. The company has received independent ESG assurance from EY and participated in S&P’s Corporate Sustainability Assessment (CSA) 2024. Its focus on predictive maintenance, centralized monitoring, and value-added services ensures not only operational excellence but also environmental stewardship.
Outlook: A Green Giant in the Making
With India’s renewable energy sector expected to add over 280 GW of solar and 140 GW of wind capacity by 2030, INOX Green is well-positioned to capture a significant share of this growth. Its integrated model, strong sponsor backing, and expanding portfolio make it a compelling player in the clean energy space.
The recent 189.1 MWp solar agreements are more than just numbers—they represent INOX Green’s evolution from a wind-centric O&M provider to a diversified renewable powerhouse.
Sources: Rediff, INOX Green, Axis Securities, RenewableAffairs, Blackridge Research, Financial Express
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