The company said that the SPV, which is a 50 MW operational wind farm located in Gujarat, was commissioned in May FY23.

The divestment is a part of the strategic decision taken by the company to become net debt-free, further enabling the firm to become an asset-light annuity O&M business.

Consequently, this will also aid in paring debt on IGESL's parent company Inox Wind's consolidated balance sheet, it added.

The transaction will consummate post customary regulatory and banking approvals, including board and shareholders' approvals, the company stated.

S K Mathusudhana, CEO of IGESL, said, “We had set ourselves a target to be net debt-free by the end of FY24 and with this transaction we will achieve this goal.”

Inox Green Energy Services is one of the major wind power O&M service providers within India with a fleet size of >3 GW. The company is engaged in the business of providing long-term O&M services for wind projects.

On a consolidated basis, Inox Green Energy Services reported net profit of Rs 2.62 crore in Q1 June 2023 as against net loss of Rs 11.58 crore in Q1 June 2022. Net sales rose 3.38% YoY to Rs 63.88 crore in Q1 June 2023.

The scrip fell 1.79% to Rs 64.83 on the BSE.