Inox Wind Ltd.’s subsidiary Resco Global Wind Services has approved raising ₹350 crore ($41.75 million) from global investors for a single digit stake on Monday, according to a bouse filing.
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, the engineering, procurement and construction arm of Inox Wind, is one of the top two wind EPC service providers in India with an operational track record of over 14 years.
“The well-timed fund raising in Resco Global will help the company expedite its execution scale up and expand offerings,” said Devansh Jain, executive director, INOXGFL Group in a statement.
Resco Global offers end-to-end services for wind projects right from conceptualization stage up to project commissioning.
The company also builds transmission infrastructure to evacuate power from such projects, offering turnkey solutions to developers on plug-and-play basis.
It has a strong presence in Western India and has been developing common infrastructure on multi-gigawatt scale at sites across the country, to be utilized for future renewable projects.
The EPC arm 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.
The company also draws revenue support from Inox Wind’s large and well-diversified orderbook of about 3 GW and its healthy order inflow pipeline.
“Given India’s large renewable capacity targets, we believe that there will be huge traction in demand for wind EPC projects over the next several years for Resco Global, which has strong credentials in developing large scale wind projects,” said Kailash Tarachandani, Group CEO, Inox Wind, in the statement.
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