Inox Renewables, a 98.8% subsidiary of Gujarat Fluorochemicals is to raise about USD 130 million from International Financial Corporation for its 400 MW wind project spread in Rajasthan and Gujarat. Inox Renewables (IRL) is setting up wind farm with a capacity upto 400 MW in Rajasthan & Gujarat at a total project cost of USD 480 Million. Of the total funding of USD 130 million, about USD 40 million will be of equity investment in IRL and balance USD 90 million is is senior debt for construction of 400 MW wind farm.
IRL was incorporated in November 2010 and houses the wind power generation business of the INOX group. IRL plans to build up to 3000 MW of wind projects by 2017, to be primarily locted in Rajasthan and Gujarat. The first of those sites is likely to be the 300MW wind farm at Dangri in Rajasthan. Dangri wind farm site is approximately 65 km south east of Jaisalmer in the Thar Desert, Rajasthan.
IRL's existing operational assets are a 4MW wind farm in Tamil Nadu, two wind farms in Rajasthan, including Sadiya -12MW and Ossiya - 30MW, a 23.1MW site in Gude Panchgani, Maharashtra; and a 50 MW site at Mahidad in Gujarat. Apart from thes above operating assets there is a wind farm of 100MW wind at Dangri, Rajasthan, where constructionis underway currently.