Inox Green Energy Services Ltd. announced on Wednesday, August 3, that it has signed agreements for operation and maintenance services for 189.1 MWp of operational solar projects with multiple customers. The agreements represent a significant expansion of the company's operations and maintenance (O&M) portfolio in the renewable energy sector.

Agreement Details and Geographic Distribution

The new agreements are divided between two major contracts across three Indian states. The first agreement covers 96.6 MWp with a global PE-backed independent power producer (IPP) for their projects located in Maharashtra. The second agreement encompasses 92.5 MWp of projects with an IPP in Gujarat and Madhya Pradesh.

These new contracts bring Inox Green's total O&M portfolio to 1.8 GW. The company has set an ambitious target to expand its total renewable O&M portfolio to 5.3 GW.

Company's Strategic Expansion in O&M Sector

Inox Green entered the operation and maintenance sector in April of this year, following the signing of an initial agreement to provide services for 675 MWp of solar projects for a leading Indian renewable energy company. This marked the company's foray into the O&M business segment.

SK Mathu Sudhana, CEO of Inox Green, commented on the company's rapid growth in this sector: “Inox Green has scaled up its solar O&M portfolio within a very short span of time, and we are continuously on the lookout for and participating in large scale O&M opportunities across solar, wind, and renewable energy infrastructure space.”

Stock Performance and Market Position

Inox Green shares closed the previous trading session 0.2% lower at INR 151.11 per share. The stock has experienced mixed performance across different time periods, declining 8% over the past month while gaining 30.8% in the last six months. Year-to-date, the stock has dropped 14.3%. The company's expansion into the O&M sector represents a diversification of its business model within the renewable energy space, moving beyond its traditional operations to include maintenance and operational services for solar infrastructure projects.

Connect with Decision-makers about the Latest Solar Photovoltaic (PV) Projects in India for business Opportunities.

Subscribe to our database on Solar Photovoltaic (PV) Projects and Tenders in India to get access to reliable and high-quality insights on upcoming, Under-construction, and completed Solar Photovoltaic (PV) Projects across the world or in your desired geographical location.

Our user-friendly platform provides essential details, timely updates, key stakeholder contact information, and business opportunities tailored for engineering companies, industry professionals, investors, and government agencies.