Description

INOX Green Energy Services clarifies that the CERC order upholding disconnection of grid access for 300 MW wind project is not a material event as the company's primary business is O&M of renewable assets with no material financial impact.

Summary

INOX Green Energy Services Limited (IGESL) has issued a clarification regarding media reports about the Central Electricity Regulatory Commission (CERC) order dated November 18, 2025, which upheld the disconnection of grid access for a 300 MW wind project by Central Transmission Utility of India Limited (CTUIL). The company emphasizes that this event is not material to its business as its primary focus is operation and maintenance (O&M) of renewable power projects, managing approximately 12.5 GW of renewable assets including controlling 6.5 GW of wind O&M assets. The company states there is no material financial impact on revenues or future guidance.

Key Points

  • IGESL’s core business model is O&M of renewable power projects, currently managing ~12.5 GW of renewable assets
  • Company is on track to become India’s largest renewables O&M company with investments controlling 6.5 GW of wind O&M assets
  • The 300 MW wind project grid disconnection has no material financial impact on the company’s revenues or future guidance
  • Letter of Awards (LoA) were issued in 2018 for setting up 300 MW wind power projects in Kutch district, Gujarat
  • CTUIL granted 300 MW long-term access on December 29, 2021
  • CTUIL’s interconnecting common evacuation infrastructure was originally scheduled for November 23, 2019, but was actually commissioned on March 30, 2022 (delay of over 2 years 4 months)
  • Project became unviable due to increased costs of WTGs and project infrastructure caused by delays
  • Massive delays in land allotment were exacerbated by the COVID-19 pandemic
  • CTUIL revoked the 300 MW connectivity as projects were unviable and not under implementation

Regulatory Changes

No regulatory changes announced. This circular is a clarification in response to media reports about an existing CERC order.

Compliance Requirements

This is a disclosure under stock exchange requirements to clarify news items. No specific compliance requirements imposed on other entities.

Important Dates

  • November 18, 2025: CERC order upholding disconnection of grid access
  • 2018: Letter of Awards (LoA) issued for 300 MW wind power projects
  • December 29, 2021: CTUIL granted 300 MW long-term access
  • November 23, 2019: Original scheduled date for evacuation infrastructure commissioning
  • March 30, 2022: Actual commissioning date of evacuation infrastructure (delay of 2+ years)

Impact Assessment

Market Impact: Low - The company has explicitly stated there is no material financial impact on its revenues or future guidance. The 300 MW project represents only a small fraction of the company’s total assets under management (12.5 GW).

Operational Impact: Minimal - The core business of O&M services for renewable assets remains unaffected. The disconnected project was deemed unviable due to cost overruns and delays beyond the company’s control.

Financial Impact: None stated - Company confirms no material impact on revenues or future guidance, indicating the project was not a significant revenue contributor.

Business Context: The clarification reinforces that IGESL’s primary business model is focused on O&M services rather than project development, with the company managing 12.5 GW of renewable assets and positioned to become India’s largest renewables O&M company.

Impact Justification

Company clarifies that CERC order has no material financial impact on its core O&M business which manages 12.5 GW of renewable assets. The 300 MW project was deemed unviable due to delays and increased costs.