Shares of Inox Green Energy Services Ltd were trading in the red and 1% lower on 19 November despite the company announcing that it will offer operation and maintenance (O&M) services for 5 gigawatts (GW) of renewable projects created by its parent company and KP Group.  

Inox Green announced that its parent company, Inox Wind Ltd, and group company, Inox Solar Ltd, have signed Memorandums of Understanding (MoU) with KP Group firms, KP Energy Ltd and KPI Green Ltd, respectively.

According to the MoU, the corporations will work together to create 2.5 GW of wind and 2.5 GW of solar power projects across different Indian states. Inox Green stated that it would provide O&M services for the wind turbine generators and solar modules installed across all projects in the alliance. 

According to a press release, Inox Wind and its subsidiaries will supply wind turbine generators and associated equipment, provide engineering support such as USS design, transformer specifications, and foundation design, and carry out wind turbine generator pre-commissioning, commissioning, and operation and maintenance.

Meanwhile, KP Energy will begin project development activities such as procuring connectivity, land, and right-of-way, gaining legislative permits, and carrying out balance-of-plant and engineering procurement and construction (EPC) works. KP Energy will also be in charge of the project’s balance of plant operations and maintenance, according to Inox Wind.  

At 12:25 pm, the shares of Inox Green were trading 0.45% higher at Rs 236.60 on NSE.

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