PNN
Chennai (Tamil Nadu) [India], December 23: Indowind Energy Limited (BSE: 532894 | INE227G01018 | NSE: INDOWIND) is engaged in the generation and distribution of power through windmills, has entered into an in-principle agreement for the acquisition of about 5.1 MW operational wind power project.
The proposed acquisition is expected to be undertaken at an approximate consideration in the range of INR 200-250 million. The project is currently operational and is expected to add stable generating capacity to the Company's renewable energy portfolio, subject to statutory/regulatory compliances/approvals wherever necessary, either as Asset or share purchase transaction.
As part of its long-term growth strategy, the Company proposes to repower the acquired wind project and/or implement a hybrid solar project in the future, subject to feasibility evaluation and regulatory approvals. These initiatives are intended to enhance generation efficiency, improve asset utilisation, and support sustained growth in revenues and profitability over the long term.
The proposed transaction is aligned with Indowind Energy Limited's focus on capacity enhancement, asset optimisation, and strengthening its renewable energy platform, while supporting long-term business growth.
Commenting on the development, Mr. Bala Venckat Kutti, Promoter of Indowind Energy Limited,
said: "The proposed acquisition of an operational wind asset supports our objective of strengthening our renewable energy base. The potential repowering and hybridisation of the project provides opportunities to improve generation efficiency and long-term returns, in line with our growth strategy."
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same.)
