Inox Wind Energy has entered into an agreement with a consortium of banks led by ICICI Bank for a financing facility amounting to Rs 22 billion. This consortium includes ten banks along with several prominent private and foreign banks. It is anticipated that the limit may be increased to ?24 billion based on ICICI Bank’s assessment of working capital. The financing limits primarily consist of non-fund-based bank guarantees and letters of credit.
The limits have been approved based on the financial robustness of Inox Wind’s balance sheet, eliminating the need for any corporate guarantees or additional support from its parent company, Gujarat Fluorochemicals (GFL). As a result of this arrangement, any prior corporate guarantees or similar support provided by GFL to Inox Wind is set to be vacated soon.
Recently, IGREL Renewables, a renewable power generation platform under the INOXGFL Group, raised ?3 billion (approximately $35.8 million) in equity capital from notable investors. This capital infusion is aimed at supporting the expansion of IGREL Renewables’ renewable energy portfolio.
Additionally, the engineering, procurement, and construction division of Inox Wind raised ?3.5 billion through equity investment from various prominent investors. In return for these funds, RESCO issued securities to the participating investors, which include Valrado Venture Partners Fund II, Anchorage Capital Scheme I, JM Financial Products, Founders Collective Fund, One Up Financial Consultants, Authum Investments & Infrastructure, and Capri Global Holdings.
In May, Inox Wind Energy successfully raised around ?9 billion through the sale of equity shares via block deals on the stock exchanges. The funds generated from this sale are intended to be injected into Inox Wind to reduce its debt and enhance the company's working capital, thereby strengthening its balance sheet.
