Inox Green signs term sheet to sell entire stake in Nani Virani Wind Energy SPV

Inox Green Energy Services Limited (IGESL) has entered into a term sheet agreement to sell its 100 per cent stake in Nani Virani Wind Energy Limited.

Nani Virani Wind Energy  is a special purpose vehicle managing a 50 MW wind farm in Gujarat. The divestment is a part of of the company’s strategic initiative to achieve a debt-free status, empowering IGESL to transform into an asset-light annuity operation and maintenance business. This move will also contribute to reducing debt on the consolidated balance sheet of Inox Wind, IGESL’s parent company. The completion of the transaction is subject to obtaining regulatory and banking approvals.