Inox Renewables has agreed to sell its operating wind power farms to Leap Green Energy. The company did not disclose the value of the deal. These assets, adding up to a total of 260MW, are located in Rajasthan, Maharashtra, Madhya Pradesh and Tamil Nadu.
The transaction is subject to fulfilment of “certain conditions precedent”, and is expected to be completed over the next few months. Inox Group has decided to exit the wind farm business to focus on its core businesses, including that of wind turbine manufacturing, said Deepak Asher, director and group head (corporate finance) of the Inox Group of companies. Leap Green Energy said the acquisition will help it increase its operating capacity to 762MW across four states. It plans to have a total operating capacity of 2GW by 2019.