Inox Wind announce fund raise of Rs 350 cr in Resco Global

Inox Wind announced today that the board of its subsidiary, Resco Global Wind Services (Resco Global), an EPC Projects company, has approved Rs 350 crore equity raise from marquee investors for a single digit stake. The funds will be utilized to scale up the business offerings and capitalize on the large-scale opportunities in the Indian wind sector.

Resco Global is amongst the top 2 wind EPC service providers in India with a strong operational track record of > 14 years. The company offers end-to-end services for wind projects right from conceptualization stage up to project commissioning, as well as the construction of transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis. Resco Global provides its services across India with a very strong presence in Western India. It is developing common infrastructure on multi-gigawatt scale at sites across the country, to be utilized for future renewable projects.

Expanding offerings under EPC, the company is venturing into crane services and unlocking new revenue streams through hybridization of its power evacuation assets. The latest renewable energy policies of multiple states allow hybridization of existing as well as future transmission assets, providing incremental revenues to asset owners including Resco Global. Inox Wind's large and well diversified orderbook of ~ 3 GW, with a healthy order inflow pipeline, provides strong revenue visibility for Resco Global.

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